mmg2681
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Age : 27
Joined : 13 Oct 2006
Posts : 753
Localisation : Newton Falls, OH
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skinflint
Very Valuable Member
Joined : 13 Oct 2006
Posts : 1877
Localisation : Queensland, Australia
|  Subject: Re: What is the best household budget to use.  Mon 23 Oct 2006, 3:32 am | |
| Donna...that's exactly what we're planning to do as soon as our investment house is sold....it's under contract and due for completion in just over a week (fingers crossed!). I'm so hoping the sale goes through alright as it's been like a millstone around our necks for about a year now, I don't think we were financially ready to take that plunge, but we've kept our heads above water...JUST!!! I'm really looking forward then to shopping around for the best deal on our home mortgage, it could still prove to be our current one. Then after we pay our fortnightly set payment I want to know if 100% of any extra we'd pay on top of that comes right off the outstanding balance. It would save a lot (long-term) on interest payments and shave a lot of time of the loan term. The main good thing I've learned from this experience is how much we could learn to save each month so it wasn't a totally bad experience!
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~ By sowing frugality we reap liberty, a golden harvest. --Agesilaus ~ |
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cheapy
Very Valuable Member
Joined : 12 Oct 2006
Posts : 389
| | Subject: Re: What is the best household budget to use. Mon 23 Oct 2006, 10:07 am | |
| That's how WE plan on paying off our mortgage sooner,too!!  Hubby has been putting an extra $100 toward the principal every month...I can't wait to have a mortgage-burning party!! (not the actual mortgage, a copy!!!  )....Another wonderful idea courtesy of Mary Hunt!!! |
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skinflint
Very Valuable Member
Joined : 13 Oct 2006
Posts : 1877
Localisation : Queensland, Australia
| | Subject: Re: What is the best household budget to use. Tue 24 Oct 2006, 4:47 am | |
| cheapy..we had been paying a little over our minimum required fortnightly payments but after a few interest rises and other expensive commitments we couldn't increase to keep up with the interest...but...hopefully we'll get back on track with that very soon. It's also more beneficial to make mortgage payments fortnightly as opposed to monthly....
Monthly gets 12 payments in per year.
Fortnightly gets 26 payments in per year.
So if you simply pay half the monthly set requirement, each fortnight, your just about squeezing in an extra monthly repayment each year. Not all loans are set up for this though!
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~ By sowing frugality we reap liberty, a golden harvest. --Agesilaus ~ |
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