No. of Recommendations: 0
The mortgage company has a deal running where they will set you up on automatic drafts directly from checking, twice
per month. They advertise the mortgage will then get paid off in 22-23 years, rather than the standard 30. (I'm 1.5 years
into the mortgage, and usually pay a little extra principal each month, anyway.) This deal would seem fine, but they also
want an extra $10 per month for this service. I suspect this deal actually benefits them more than the customer (Duh!).
Has anyone put a pencil to these types of payment plans? Yes, I know I can make more money in the stock market, than
paying off a 7.5 % loan early, but 7.5% over thirty years isn't chicken feed, and the plan would save me the time writing
mortgage payments.

I have software I can share that will allow you to do your bi-monthly yourself. There is a $2.50 charge for the paperwork the company that adminstrates the program. It works with just about all banks and mortgage companies. It runs on windows 95. My email is
Print the post  


Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
Live Video Event Monday!
The GP team is hosting a live video event on Monday at 4 p.m. ET. Don't worry if you can't make it — we'll have a replay and a transcript. Click for more!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.