Mortgage payments

Snippa

New Member
Jan 12, 2010
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If you have a mortgage and some extra money, you should consider paying more on your monthly payment. The more you pay toward the principle each month, the less your interest will be. If you make enough extra payments, it's possible you could drop one payment off a year. If you continue to do that you'll pay your mortgage off early.
 

DaveSmith

New Member
May 17, 2010
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i would add a caveat. Before you pay any overpayments, make sure you can do that as a feature of your mortgage. If not, making overpayments will be like giving your lender an interest free loan. You will simply put yourself in advance of your repayments.
 

terry

New Member
Apr 28, 2011
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This approach works best on an interest only flexible mortgage with interest charged daily. This way any overpayment you make comes directly off the balance meaning interest is charged on the lower amount the very next day. Over time this saves you a fortune and pays your mortgage off early.

You normally save way more than you could earn by putting the equivalent in a savings account and if mortgage is flexible you can borrow it back usually with no questions asked at any time and you only pay interest on what you borrow.

This is how I do my mortgage