Comments on: Give Your Future Self An Amazing Christmas Present Next Year – An Extra Mortgage Payment http://www.thesimpledollar.com/2006/12/28/give-your-future-self-an-amazing-christmas-present-next-year-an-extra-mortgage-payment/ Simple, applicable personal finance advice for the modern world Sat, 21 Nov 2009 19:22:21 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: rodgerlvu http://www.thesimpledollar.com/2006/12/28/give-your-future-self-an-amazing-christmas-present-next-year-an-extra-mortgage-payment/comment-page-1/#comment-663037 rodgerlvu Fri, 15 May 2009 06:24:02 +0000 http://www.thesimpledollar.com/2006/12/28/give-your-future-self-an-amazing-christmas-present-next-year-an-extra-mortgage-payment/#comment-663037 How does the extra amt. work if u have a 15 yr. mortgage? How does the extra amt. work if u have a 15 yr. mortgage?

]]> By: Erica Douglas http://www.thesimpledollar.com/2006/12/28/give-your-future-self-an-amazing-christmas-present-next-year-an-extra-mortgage-payment/comment-page-1/#comment-310529 Erica Douglas Mon, 23 Jun 2008 18:25:35 +0000 http://www.thesimpledollar.com/2006/12/28/give-your-future-self-an-amazing-christmas-present-next-year-an-extra-mortgage-payment/#comment-310529 I've been splitting my mortgage payments in half and paying out of each paycheck for several months. Just a few minutes ago, I got a call from Countrywide's debt collectors. They didn't realize that half of $700 is $350 and that they've been receiving $350 from me like clockwork every two weeks. This is one of the many reasons I despise Countrywide and I'm thrilled that the company is about to go bankrupt. Just a word of advice: before you pay half of your mortgage twice a month, make sure your mortgage company is smart enough to realize what you're doing! I’ve been splitting my mortgage payments in half and paying out of each paycheck for several months. Just a few minutes ago, I got a call from Countrywide’s debt collectors. They didn’t realize that half of $700 is $350 and that they’ve been receiving $350 from me like clockwork every two weeks.
This is one of the many reasons I despise Countrywide and I’m thrilled that the company is about to go bankrupt.
Just a word of advice: before you pay half of your mortgage twice a month, make sure your mortgage company is smart enough to realize what you’re doing!

]]> By: Kim http://www.thesimpledollar.com/2006/12/28/give-your-future-self-an-amazing-christmas-present-next-year-an-extra-mortgage-payment/comment-page-1/#comment-98168 Kim Thu, 01 Nov 2007 02:41:09 +0000 http://www.thesimpledollar.com/2006/12/28/give-your-future-self-an-amazing-christmas-present-next-year-an-extra-mortgage-payment/#comment-98168 How does the extra amt. work if u have a 15 yr. mortgage? How does the extra amt. work if u have a 15 yr. mortgage?

]]> By: EMF http://www.thesimpledollar.com/2006/12/28/give-your-future-self-an-amazing-christmas-present-next-year-an-extra-mortgage-payment/comment-page-1/#comment-2065 EMF Fri, 29 Dec 2006 00:33:44 +0000 http://www.thesimpledollar.com/2006/12/28/give-your-future-self-an-amazing-christmas-present-next-year-an-extra-mortgage-payment/#comment-2065 And a third plan for making an extra mortgage payment: Throughout my career, I've been paid every two weeks. This means that while most months have two paydays, since there are 26 paydays a year that two months out of the year are 3-payday months. So when I was making mortgage payments, I would make a budget based on two paydays a month. On those months with 3 paydays I could easily make an additional half payment. Scheduling is perhaps a bit more complicated than the stategies you suggest. But if you're tracking your finances as you should be, then you should be well aware of which months have an extra payday. And you can take the same approach to budgeting your other monthly payments, and decide what to do with those other extra half payments on 3-payday months. And a third plan for making an extra mortgage payment:

Throughout my career, I’ve been paid every two weeks. This means that while most months have two paydays, since there are 26 paydays a year that two months out of the year are 3-payday months.

So when I was making mortgage payments, I would make a budget based on two paydays a month. On those months with 3 paydays I could easily make an additional half payment.

Scheduling is perhaps a bit more complicated than the stategies you suggest. But if you’re tracking your finances as you should be, then you should be well aware of which months have an extra payday. And you can take the same approach to budgeting your other monthly payments, and decide what to do with those other extra half payments on 3-payday months.

]]>