Paying my mortgage on the 15th vs. the 1st- impossible?
I know I have until the 15th to make my mortgage costs before it is considered late. However, will paying on the 15th affect how the interest acrues and hw at the double I will pay it off? I in recent times noticed that after 5 1/2 years of paying my mortgage (usually between the 10th and 15th) that I have one and only paid down my mortgage by $1,200! How is it possible that it's so little?
Thanks!- from a math-phobic
Answers:
if you go to the mortgage company and ask them to split your your payments to be every two weeks you will money it off quicker and it will feel easier to pay packet because you won't have that lump payment once a month. every two weeks add a couple of payments a year to make the loan get compensated quicker! you also then won't have to verbs about those extra interest days
yes this is right.
if you salary your mortgage earlier you pay smaller number in finance charges
the more you foot into it also pays down your finance .
You pay your interest past its sell-by date first the last part of your occupancy pays the principal.. the banks want their money first :(\\
Good luck
If you payment is 1000/month for example and you loaf until the 15th to pay it instead of the 1st, then you are giving them 15 auxiliary days to charge you interest on that $1000.
I don't have any reason as to why after 5 1/2 years you solely have paid $1200, something seem way off in attendance. I would look into that with your bank.
Yes it will effect interest because you are not paying down your principle as soon and giving 15 more days of the principle amount to be used for calculating interest. Also you are cutting it too close to have your payment late.
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Thanks!- from a math-phobic
Answers:
if you go to the mortgage company and ask them to split your your payments to be every two weeks you will money it off quicker and it will feel easier to pay packet because you won't have that lump payment once a month. every two weeks add a couple of payments a year to make the loan get compensated quicker! you also then won't have to verbs about those extra interest days
yes this is right.
if you salary your mortgage earlier you pay smaller number in finance charges
the more you foot into it also pays down your finance .
You pay your interest past its sell-by date first the last part of your occupancy pays the principal.. the banks want their money first :(\\
Good luck
If you payment is 1000/month for example and you loaf until the 15th to pay it instead of the 1st, then you are giving them 15 auxiliary days to charge you interest on that $1000.
I don't have any reason as to why after 5 1/2 years you solely have paid $1200, something seem way off in attendance. I would look into that with your bank.
Yes it will effect interest because you are not paying down your principle as soon and giving 15 more days of the principle amount to be used for calculating interest. Also you are cutting it too close to have your payment late.
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