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usedtobedemgurl

(1,923 posts)

32. You must tell the lender it needs to be put towards the principle

Reply to mopinko (Original post)

Mon Nov 10, 2025, 10:29 AM

Nov 10

Or it will not be dedicated to that and it will be wasteful. Not only does it shorten the loan time, it shortens the amount of interest, so it saves you a lot of money. We paid our 30 year mortgage in 12 years!

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since we're talking about mortgages [View all] mopinko Nov 9 OP

true, Valon Mtg has a calculator showing how you save and how much shorter the loan is Shellback Squid Nov 9 #1

Most people never pay off a mortgage. MineralMan Nov 9 #2

At my age 70 crud Nov 9 #9

Unless the whole system goes to crap...... Hope22 Nov 9 #13

I agree. It's not easy, though, for working folks MineralMan Nov 9 #15

Sounds good! Sweat equity is definitely the key. Hope22 Nov 9 #20

Always do the math. MineralMan Nov 9 #27

I got a 30 year loan dsc Nov 9 #21

You probably won't keep that house. MineralMan Nov 9 #23

May well be the case dsc Nov 9 #30

I hate moving, too. It's a lot of work. MineralMan Nov 10 #31

Excellent Points ProfessorGAC Nov 9 #24

Yes. You Have to Do the Math. MineralMan Nov 9 #26

This is a good reminder! Nittersing Nov 9 #3

i took an abatement during covid. mopinko Nov 9 #4

Extra payments Timewas Nov 9 #5

any little windfall, part of it shd b put to the mortgage. mopinko Nov 9 #6

This message was self-deleted by its author PeaceWave Nov 9 #12

it gives u more leeway to get an equity loan. mopinko Nov 9 #14

This message was self-deleted by its author PeaceWave Nov 9 #16

refi- no, it's not a non-factor. it's a direct factor. mopinko Nov 9 #18

Rule of thumb - one extra payment per year turns a 30-year mortgage into a 23-year mortgage hatrack Nov 9 #7

I did that as much as I could on my first house... haele Nov 9 #8

All this cheerful advice about mortgages, credit card debt, and car loans... hunter Nov 9 #10

+1 leftstreet Nov 9 #17

So for the first payment a week early and send $50. Extra to be applied to the principal questionseverything Nov 9 #11

Another interesting fact airplaneman Nov 9 #19

yup. i remember that being a thing a while back. mopinko Nov 9 #22

This message was self-deleted by its author PeaceWave Nov 9 #25

yeah, 2%. hardly worth it. mopinko Nov 9 #28

This message was self-deleted by its author PeaceWave Nov 9 #29

You must tell the lender it needs to be put towards the principle usedtobedemgurl Nov 10 #32

my payment had a box for extra principal. mopinko Nov 10 #33