Reply to How Often Do You Check Your Mortgage Balance?

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[quote=Anonymous]A couple times a year. Don't despair -- at first you're paying like all interest but you get a huge tax break for that the first few years and it takes the edge off. Then you start getting more into principal and the balance starts going down more quickly and you really feel like you are building equity. It takes 5-7 years to get to that point on a 30 year mortgage, though. So until then, just set your autopay and forget it.

The one thing I do check every month: we have a small escrow payment for taxes and it gets adjusted annually based on tax assessment. I do watch the balance on that because we want it to stay pretty close (don't want to overpay obviously but also if we underpay by too much it's a hassle to fix). I regret setting it up this way -- I wish we just paid our tax bill ourselves when it came. But once we set it up this way it's annoying to change so I've just left it. At least I never worry about the tax bill being paid on time (they've gotten it right 20x in a row so I feel pretty confident in it at this point). But I still check the balance.[/quote]

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