Paying off the mortage

iVillage Member
Registered: 01-18-2009
Paying off the mortage
3
Mon, 04-13-2009 - 11:46am
We are finally ready to begin throwing all our snowflakes towards our mortage payment in hopes to pay if off. Is there a good calculator out there that can help me with this? When putting in the numbers do I just put in the amount that goes to principal and interest and left the escrow amount out? Thanks in advance for your help!

 

 

iVillage Member
Registered: 11-17-2007
Mon, 04-13-2009 - 1:08pm

My first step would be to call your lender and see what they say about paying extra. Will they except more on your check a month and put it on the principal or will they put it in escrow. Do they want you to send them an extra check each month with "Principal only on it" Will they except anything less then the full amount of a payment. These are things you should know before you start paying extra.


I will tell you about me. We had this house once and we didn't have an escrow account with it. It was like 185.26 a month Can you believe that amount of money Anyway I am telling the truth. Each month I gave them 190.00 because I could never remember the cents right. In three years of doing this I had paid down the house by

iVillage Member
Registered: 01-18-2009
Mon, 04-13-2009 - 1:16pm
I will call them and see what I can find out. It is with Wells Fargo if that helps. I have been sending them an extra $75.00 a month including in my payment and they have been applying it towards the principal. I did not know about the second of the month thing. I owe approximately $96,000 on the house and I want to start throwing more money at it. I guess instead of trying to figure out a set amount I should just sent the extra snowflakes I have on the second of each month. THANKS!

 

 

iVillage Member
Registered: 08-04-2008
Mon, 04-13-2009 - 1:16pm

Mary Ann, you made me laugh!