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Extra Mortgage Payment; Once in a while or once every month

  • 05-08-2013 5:35pm
    #1
    Rebel1977
    Registered Users, Registered Users 2 Posts: 802 ✭✭✭


    In terms of paying off a mortgage faster and reduce the interest over the life time of a mortgage is it advisable to put an extra amount in each month or say a lump sum in each year ?


Comments

  • #2
    hfallada
    Closed Accounts Posts: 4,180 ✭✭✭hfallada


    Your mortgage interest is calculated daily. So you are better putting it in monthly. Even better is paying your mortgage twice a month in smaller amounts, than a large amount once a month


  • #3
    NIMAN
    Registered Users, Registered Users 2 Posts: 34,681 ✭✭✭✭NIMAN


    I made a few overpayments, maybe one every 9 months, then I also asked the bank to change from monthly to fortnightly.

    When they changed it, they reduced the overall amount slightly, but I contacted them again and asked them to increase the fortnightly payments. In the end I am now paying more than I was monthly, but happy as I can currently afford it, and its all getting the mortgage paid off earlier.

    Every little helps.


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