Is it going to make next month’s bill smaller? [...] If you try to pay off your mortgage early they may actually charge you for doing so. Save Thousands On Your Mortgage Otherwise they may just apply it towards next month’s payment and still charge you the interest.- Generally you will not have this problem with credit card companies. Interest on the average home mortgage will cost the homeowner nearly TWO TIMES the cost of the home.If you were to buy a $150,000 home with a $120,000 mortgage (80%), and you paid an interest rate of 9% for 30 years, you will have paid over $227,500 just in interest (in addition to the original $120,000). Or they may only apply part of your payment to the principal and take the rest as a “service charge.”- Make sure when you make an additional payment that you send a check separate from your monthly mortgage payment with instructions that the amount is to be applied toward the principal of your mortgage. Interest charged on this credit card debt will top $18,400, more than 2.6 TIMES the original debt!If you work for a living, you know that when you are not working, you are not getting paid. Some months you may only be able to add $10 to your payment; some months you may be able to add $200.
Chandler Real Estate