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Hello,
I have a FHA Mortgage 30 years fixed @ 6 % – Monthly payments every month of $584.25. This is including my taxes and mortgage insurance + home owner’s insurance.
The mortgage value is $54000.00
My question is how much will i save if I make a payment of $29.22 / Daily which totals upto $584.25 counting 5 working days in a week.
Thanks for your replies and do also let me know any links where I can find a calculator for the same to try out different scenarios.
Regards,
Shah.
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3 Responses to How much will I save if I make a mortgage payment daily totaling to my monthly payments?
Judy
February 27th, 2010 at 2:08 pm
Here is a better trick.
Find out when the closing date is on your statement.
Pay the date AFTER the closing date.
This date should be a month or so before your payment is actually due.
By doing this you are essentially paying your payments a month ahead of time, and saving an entire months of interest in the year.
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financialpeas
February 27th, 2010 at 2:49 pm
Your mortgage company will not accept that. Very few will accept partial payments, and are certainly not going to take 30 payments a month. They generally will accept a partial payment if it is additonal principal added to a full payment. Also, they usually credit you for all payments on the Due Date … even if you pay it early. This plan is a waste of your time and theirs.
If you want to save yourself money over the long haul, add $50 to each payment. It will make a huge difference in the number of years you pay out.
golferwhoworks
February 27th, 2010 at 3:49 pm
the lender will not accept any partial payments. Now you can send in any amount with the regular payment in excess and mark it to principal in a separate check if you so desire to save interest earned by the lender