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Additional Mortgage repayments

Answered 2 years ago

Who here makes additional Mortgage repayments above their minimum.

How much and how often?


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ANSWER
2 years ago
We did and now the mortgage is done. It really adds up. We paid $800 a week for the entire mortgage (9 years) so as interest rates changed it was sometime more of an overpayment than others. We never lowered the amount we paid and sometimes I’d put extra in if I had it. Now that work is more tenuous for us I’m really glad we haven’t got the debt.

Replies

REPLY
2 years ago
That's great 💜👍

ANSWER
2 years ago
We pay ours weekly. Initially we just paid an extra $50 a week. But since all the interest rate drops our min payment has decreased and we continued to pay our original min repayment. At one point we were paying around $250 extra per week. We’ve dropped it back to min payment now as we’re down to one wage from 2.
Just the switch from monthly repayments to weekly repayments makes a huge difference.

ANSWER
2 years ago
If you have the means, you'd be crazy not to

ANSWER
2 years ago
Our minimum is $384 a week. We pay $700 a week. We have the money and don't want a mortgage forever.

ANSWER
2 years ago
Ours is taken out monthly off our mortgage, but withdrawn from our bank account weekly. So we end up making an extra payment. Its about $380 a week.