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Discussion Starter · #1 ·
Do you pay weekly, biweekly or monthly? Do you pay extra each month/week/etc? We are buying our first house and if we pay on schedule we will pay over $600,000 for an original mortgage of $264,000. <img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/nut.gif" style="border:0px solid;" title="nut">
 

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We currently are "rounding up" to the nearest 100, so we are paying about 60 dollars a month extra, that shaves 5 years and nearly 40,000 off.<br><br><br>
We are hoping over the next few years when other debts get paid off (car) to put more money to it, I'd ultimately like to have it off in 15 years (13 more to go)
 

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Discussion Starter · #4 ·
We aren't quite certain what our mortgae or finances will look like right now. My husband got a new position a few months ago (a promotion) and they have adjusted his salary twice now. But, we borrowed from 401k for the house and will have to repay that at the same time we start paying on the mortgage. I would love to pay this house of in a decent amount of time!
 

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Our current plan is once our debts are paid (student loans, credit cards, car) which will happen in the next few years, then we plan to apply all that money towards our mortgage and make double payments each month. Course, that is our plan.... I am sure that when the time comes there will be other places that I need to send the money. Anyhow, we just do the once a month payment and pay exactly what the coupon says. Our other debts are at higher interest rates so they take priority. Certainly if you can afford to pay a bit more on each payment, it will pay off in the long run!
 

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We used to pay accelerated bi-weekly. Our payments matched our pay periods so it worked well, it also brought down our 25 year mortgage to 19 years in 4 years time. does that make sense?<img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/lol.gif" style="border:0px solid;" title="lol"><br><br>
but while we were paying down our mortgage nice and fast, we were having a hard time making ends meet. So, when renewal came up, we switched to bi-monthly and that helped. So, we are currently paying way more interest, but our quality of life has improved. We still have the options to make a lump sum payment during the year (yeah right).<br><br><br>
Whatever you pick now isnt forever - you can change it at renewal if you need to.<br><br>
HTH!<br>
Congrats on your first home!<img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/shy.gif" style="border:0px solid;" title="innocent"> <-----dd wanted to click that smileyju4uuu
 

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We pay monthly.... We are more focused on eleminating consumer debt than worrying about paying down principal right now. Hopefully in 2 years we can start doing that!!<br><br>
Deb
 

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We pay monthly and do not pay extra principle.<br><br>
That said, we have a 15 year instead of a 30, so in some ways we just locked ourselves into paying extra principle.
 

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We are in the process of getting a mortgage now and if all goes well, we are planning to throw as much extra towards the principle every month as we can to get that thing paid off ASAP.
 

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We pay monthly, but as soon as we have the credit cards paid off, we plan on paying extra towards the principal every month. We plan on being here a longggg time and want this thing paid off early!
 

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We have a 15 yr loan and pay an additional $500 a month toward principal, so we should be paid off in under 10 yrs, closer to 9.<br><br>
Its hard though, but worth it.
 

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Hi I'm a mother of three<img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/smile.gif" style="border:0px solid;" title="smile"> , I have been a loan advisor for over eight years. I would than more than happy to answer any question, just let me know.However paying your mortgage bi/monthly will shave off thounds and adding somemore to your payment also helps you. It just depend on your goals. It's never to late to make a fresh start with finance's. so I'm here if you have any questions.<img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/thumb.gif" style="border:0px solid;" title="thumbs up">
 

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We pay monthly. We pay an additional amount toward the principle each month. While I like the tax benefit from having a mortgage I want to pay off the entire amount in 18 years so that when DD is in college we have one less thing to worry about.<br><br>
Congratulations on your first house!
 

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Discussion Starter · #15 ·
Thanks everyone. We are fortunate that we don't have any bills aside from one CC and a car payment and we have excellent credit. We paid everything else off with our tax return.<br><br>
I am trying to get my husband to agree to a specific budget and he just won't do it. Right now we have enough income for all of our needs and a few wants. I am more interested in less wants and paying off the "needs" (house) so we can add more to the girls college funds and our retirement accounts. I haven't worked in 5 years and we have no plan for me to ever work outside of the home (I have an at home business) so that mans we need to budget for to plan for the rest of our lives. It doesn't sound so fun when i write it out!
 

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Discussion Starter · #17 ·
How did you find the calculator (which search terms - sometimes my mind goes blank on the correct wording <img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/redface.gif" style="border:0px solid;" title="Embarrassment"> )?<br><br>
I have saved the links to a few snowball debt sheets that were talked about on another board. Since we don't need to budget that way anymore I would be interested in how to budget for a house.<br><br>
On a positve note, the house we bougth has huge gardens and the owner said that she divides up the plants and sells them sometimes. One summer she made $2000! This would be great for me to do to help out with remodeling.
 

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We pay monthly and currently only pay the exact amount required, but hope within a year or so to begin making extra payments. The long term goal is to have the house paid off before DS goes to college, which would be about 16 years from now. Our situation is a bit different in that our mortgage is currently set up as interest-only and so in effect would never be paid off unless we pay "extra" (and please no lectures about that, it was a very carefully-considered decision that makes a lot of sense for us given our finances, income, tax advantages, our local market, and our long-term goals). Anyway we plan to re-finance in a year or so for a more traditional mortgage and most likely will go with a 15-year repayment plan at that point.
 

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Discussion Starter · #19 ·
No lectures from me - I'm not even on the loan <img alt="" class="inlineimg" src="http://www.mothering.com/discussions/images/smilies/lol.gif" style="border:0px solid;" title="lol"> I will be added to the deed though.
 

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My DH and I have an arrangement sort of like that. Our mortgage is only in my name (DH's self-employment made borrowing under his name sort of iffy) but DH and I are both named on the deed.
 
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