Mortage Payments

Question

Pay roughly $600 "extra" a month each month.  Anybody else do the same?  Is it worth it or should I just make my normal payment and not pay extra.  Really don&#x27;t want to be paying $600 extra if its just going to save me a few years in the end.  Thoughts??

young1jesus · Answer

Pay roughly $600 "extra" a month each month.  Anybody else do the same?  Is it worth it or should I just make my normal payment and not pay extra.  Really don&#x27;t want to be paying $600 extra if its just going to save me a few years in the end.  Thoughts??

sfg8 · Answer

Probably depends on your current mortgage and the interest rate you are currently paying...if u can beat the return by investing the money else where then it's probably wise to do so...eg.. if your rate is 4% then u need to make at least 4% with your returns from the $600 u invest...if u dont think u can make that return then u prob better off paying the extra $600 towards your principle...in the long run you'll pay much less in interest and also pay off your mortgage much sooner depending on what your current mortgage is...hope this helps

TheGoldenGoose · Answer

^^^^^^^^^^  What he said...Except don&#x27;t buy a Chrysler product. ZK - gotta tell it like it is

ArtSchlichterJr · Answer

One extra payment a year on a 30 year mortgage will pay it off in 23 years ...  denote on check backside of loan..

Crashdavis565 · Answer

Rich people do not have mortgages.Yes, there is a tax credit but they are so heavily front loaded with interest at 30 years it is ludicrous

wizardofroz · Answer

Pay it off as quickly as you can.  Being in debt sucks, and should be avoided if possible.And one of the dumbest debts is a car loan.

Mortage Payments

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