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Author: lizzardlic Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 128075  
Subject: Re: Bi-Monthly Mortgage Payments. Good ? Date: 12/9/1999 7:43 AM
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I work for a Mortgage company and we only charge a one time set up fee of $50, so your company is high. If you make one extra full months payment per year the loan will also pay off approximately 7 years early which will save you tens of thousands of dollars in interest over the term of the loan. It is important when you send the extra money in monthly, or send one full months payment in, that you send a note stating you want the extra applied towards the principle or it will be applied towards interest and you wont get as much bang for your buck. The problem with sending the extra payment in once per year (which would save you the $10 buck fee per month)is most people are not disciplined enough to do it. Good luck either way you go...sending extra money in either way you're going to come out ahead.
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