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How much does House of Fraser pay?

Paying house payment 2x mo.(split)will this help pay down my house psyment faster?

  • Not 2 whole house payments, just a split of the one, a week apart...? So my house pmnt is 1,260.00 if I pay half on 25th, n other half on first, will it pay it down faster with the daily intrest rate fluctuate? Also, if I put an extra 75 to 100 mo toawrds principal, how much more will it help pay off house.. Currently owe 176,000... Rate is at 4%..yes a pretty good rate VA 30yr, Trying to pay house off in 20 yrs or less..

  • Answer:

    First off, you have to have lender's permission to make more than 1 payment a month - make sure there are not pre-payment penalties in your agreement. If you get paid every 2 weeks, it makes it easy to pay half the monthly amount every two weeks, which equates to making an extra payment each year. Paying half one week and half the next will save a little in interest, but not nearly enough to do much help. To figure out how extra principal only payments will impact your loan, google mortgage payoff calculator, bankrate.com has a good one.

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biweekly payments must b in your contract. IF not the 2 payments do not change any thing. paying extra principle does make a difference. the payment is FIXED the rate does not fluctuate daily.

Rob

No, that will NOT pay down your outstanding loan more quickly. What you need to do is to make those payments every two WEEKS, which will end up in 26 'half payments' being made every year. The notion of bi weekly payments is to end up effectually making 13 full payments annually. No matter how you split $1,260 x 12 in payments, your mortgage will NOT go down more quickly.

acermill

yes, if you pay [with the lender's permission] 1/2 on the first, and 1/2 on the 15th, your 30 yr note will be paid off in 23 yrs.

kemperk

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