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Reply to "Paying down a mortgage - not a debate about whether it makes sense"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We have decided we would like to pay down our mortgage. I know people will debate for days about whether that is a good decision, but we would like to be debt-free so that's what we're doing. We have 27 years/$350k+ left on the mortgage, so this will be a slow process. Would love to hear from people who have done/are doing this to see how long it took you and/or when you started feeling like you were making a dent in it.[/quote] I have heard making the payments every two weeks instead of every month can make a significant impact. You need to discuss this with the mortgage company though. Any additional payment you make should be applied towards the Principal and this should be pinned down in writing by the mortgage company. [/quote] We do this on both of our properties. Our mortgages are with two mainstream banks and each has a biweekly payment plan program that I set up online. Our loans have no prepayment penalty and are fixed conventional mortgages. It's very convenient and two years in, we are seeing significant reductions in total interest paid over the course of a year. It also makes cash management much easier if you or your spouse are paid biweekly. You can set up the automatic drafts to be paid with each paycheck and never even notice the extra payments.[/quote]
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