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usedtobedemgurl

(1,989 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 2025

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 2025 OP

true, Valon Mtg has a calculator showing how you save and how much shorter the loan is Shellback Squid Nov 2025 #1

Most people never pay off a mortgage. MineralMan Nov 2025 #2

At my age 70 crud Nov 2025 #9

Unless the whole system goes to crap...... Hope22 Nov 2025 #13

I agree. It's not easy, though, for working folks MineralMan Nov 2025 #15

Sounds good! Sweat equity is definitely the key. Hope22 Nov 2025 #20

Always do the math. MineralMan Nov 2025 #27

I got a 30 year loan dsc Nov 2025 #21

You probably won't keep that house. MineralMan Nov 2025 #23

May well be the case dsc Nov 2025 #30

I hate moving, too. It's a lot of work. MineralMan Nov 2025 #31

Excellent Points ProfessorGAC Nov 2025 #24

Yes. You Have to Do the Math. MineralMan Nov 2025 #26

This is a good reminder! Nittersing Nov 2025 #3

i took an abatement during covid. mopinko Nov 2025 #4

Extra payments Timewas Nov 2025 #5

any little windfall, part of it shd b put to the mortgage. mopinko Nov 2025 #6

This message was self-deleted by its author PeaceWave Nov 2025 #12

it gives u more leeway to get an equity loan. mopinko Nov 2025 #14

This message was self-deleted by its author PeaceWave Nov 2025 #16

refi- no, it's not a non-factor. it's a direct factor. mopinko Nov 2025 #18

Rule of thumb - one extra payment per year turns a 30-year mortgage into a 23-year mortgage hatrack Nov 2025 #7

I did that as much as I could on my first house... haele Nov 2025 #8

All this cheerful advice about mortgages, credit card debt, and car loans... hunter Nov 2025 #10

+1 leftstreet Nov 2025 #17

So for the first payment a week early and send $50. Extra to be applied to the principal questionseverything Nov 2025 #11

Another interesting fact airplaneman Nov 2025 #19

yup. i remember that being a thing a while back. mopinko Nov 2025 #22

This message was self-deleted by its author PeaceWave Nov 2025 #25

yeah, 2%. hardly worth it. mopinko Nov 2025 #28

This message was self-deleted by its author PeaceWave Nov 2025 #29

You must tell the lender it needs to be put towards the principle usedtobedemgurl Nov 2025 #32

my payment had a box for extra principal. mopinko Nov 2025 #33