Mortage renewal - good news

iVillage Member
Registered: 08-02-1998
Mortage renewal - good news
4
Fri, 01-01-2010 - 1:45pm
We go to the bank on Monday to renew our mortgage. Looking at the papers that they mailed us, our payments will go down a bit (interest is 4.75 now and will be 4.09) payments will go down by $17 (we pay twice a month) so I am going to have them set up the payments so they don't change, as we have been doing fine with the old payments so that will mean an automatic snowflake of $34 every month to the mortgage. Just doing that will take 13 months off the back of my mortgage.So by paying $1,632 extra we will have a total savings of $4,826.64.




iVillage Member
Registered: 11-14-2008
Sat, 01-02-2010 - 10:14am

13 months off the back!!?? That is awesome!! When I get my new mortgage (and new house) this is going to be priority for us! Such good news and it is great for people to know that little things do add up!


iVillage Member
Registered: 08-02-1998
Mon, 01-04-2010 - 4:12pm
Just back from renewing my mortgage. We decided to up the payment by an additional $29 to make it a nice round number of $400 semi monthly. So that will end up saving us 2 years of payments. So will be just over $8,000 in savings. (don't have the papers with me so can't put down exact numbers)
This is so much easier than trying to put the extra $58 a month away until the mortgage comes due to pay a lump sum.
Sharon


iVillage Member
Registered: 08-04-2008
Tue, 01-05-2010 - 2:53pm

Setting things up like that you will not even miss the $58 at all.




iVillage Member
Registered: 06-25-2006
Tue, 01-05-2010 - 7:21pm

We round up our mortgage payment too - and sometime pay a little extra each month (we actually GO to the bank to pay each month). I have not calculated out what the rounding up will save us but every little bit helps right?

Kudos to you for saving so much by doing this.