The Financial Woes of being a first-time home owner
#11
RE: The Financial Woes of being a first-time home owner
ORIGINAL: azz7772
quit smoking and gambling, do not eat fast food anymore, buy your groceries in bulk if you have to split it with another family its way cheaper.pay your mortgage bi weekly you will save thousands, putting money on your mortgage is like putting money in the bank you are building equity wich equells more security in the future owning a house means alot more than just having a place to live. so will see as you get older.
quit smoking and gambling, do not eat fast food anymore, buy your groceries in bulk if you have to split it with another family its way cheaper.pay your mortgage bi weekly you will save thousands, putting money on your mortgage is like putting money in the bank you are building equity wich equells more security in the future owning a house means alot more than just having a place to live. so will see as you get older.
#12
RE: The Financial Woes of being a first-time home owner
Obviously paying more than the amoritized mortgage payment will mean less in interst later on in the mortgage, but can someone show me an amoritized schedule of the before and after on making bi-monthly mortgage payments? The amoritized schedule is set up for 360 payments (30 year loan) for $X/month. How does paying 1/2$X twice a month net less payments since the principle at the end of each month, when the interest is calculated, will still be the same?
#13
RE: The Financial Woes of being a first-time home owner
ORIGINAL: Linus Gump
Obviously paying more than the amoritized mortgage payment will mean less in interst later on in the mortgage, but can someone show me an amoritized schedule of the before and after on making bi-monthly mortgage payments? The amoritized schedule is set up for 360 payments (30 year loan) for $X/month. How does paying 1/2$X twice a month net less payments since the principle at the end of each month, when the interest is calculated, will still be the same?
Obviously paying more than the amoritized mortgage payment will mean less in interst later on in the mortgage, but can someone show me an amoritized schedule of the before and after on making bi-monthly mortgage payments? The amoritized schedule is set up for 360 payments (30 year loan) for $X/month. How does paying 1/2$X twice a month net less payments since the principle at the end of each month, when the interest is calculated, will still be the same?
#15
RE: The Financial Woes of being a first-time home owner
#16
RE: The Financial Woes of being a first-time home owner
This crazy math..I never understood bank math..in this case that's stupid as ****..
The part that lost me was the 52-2 = 26...[sm=nerd.gif]What's up with dat?
Keep in mind that if you make your payment once a month, every year you are making twelve mortgage payments. However, when you pay bi-weekly, you are also making one additional payment every year (52 -2 = 26 divided by 2 = 13).
#17
RE: The Financial Woes of being a first-time home owner
It looks to me like it was supposed tobe 52/2=26, and 26/2=13. This would make sense in that you would actually gain a month's payments every year compared to 12 calander moth payments. I get paid every two weeks, so the 26 every other week paydays makes sense versus the 24 twice a month paydays of a 1st and 15th schedule. Now the logic makes sense to me.
#18
RE: The Financial Woes of being a first-time home owner
The domino principle hit me when we bought this house....
example:
We wanted a new bedroom set....
the headboard wouldn't go up the staircase...
I took out the ceiling in the staircase....
I found the shower in the master bedroom leaking....
Every project I do around here is 3 mini projects...
Hang in there... having hard times will make you appreciate what you have more.
example:
We wanted a new bedroom set....
the headboard wouldn't go up the staircase...
I took out the ceiling in the staircase....
I found the shower in the master bedroom leaking....
Every project I do around here is 3 mini projects...
Hang in there... having hard times will make you appreciate what you have more.
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