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Okay, so I am refinancing my mortgage, with hopes of paying off the loan in 5 years or so. I am going to have a 30 yr mortgage with a 5.125 rate, but my checking account earns 6.125%. so heres the real question: Should I just pay the minimum and save the rest, then make a lump sum payment in a couple years, oklahoma Should I pay more than the minimum each month, and not have anything in savings. Which one will save the most in mortgage interest? and get the loan paid off the quickest...
Okay, So I am getting 6% on checking, and I am financing through ING Direct. Here is a link for the checking account: is a small, local bank that is offering the rate. anyway, I still don't have an answer to the question, pay more now, or save it in the checking account and pay a lump sum later...
So your bank charges you interest at 5.125, but gives you interest at 6.125? How do they make money then? They are paying out more than they are taking in. Even if your figures are correct, I'd vote for getting rid of the mortgage asap. The interest rates could change, but if you have the balance down, it won't be a worry to you. A smaller balance means less interest charged. I presume you have a 30 year mortgage because a shorter period has a higher rate. Read the small print and see if you will have penalties to pay if you pay down early. I paid off mine in less than 5 years. I paid in each week what I had agreed to pay per month. Or you could divide your monthly figure by 4, and paid that in weekly. That equates to 13 monthly payments instead of 12. Boost it even higher whenever you can. But keep adding to the savings also. Have a fund stashed in case of emergency. Good luck!!
My rule was: Make sure I had 6 to 9 months worth of take home in savings in case I lost my job. After that, I paid the rest towards the mortgage. I made an extra payment each month. I wrote a check for the regular amount, and another one as extra. The amount was different every month. It was just what I had left over. Your question confused me a bit. If you plan to pay off a mortgage in 5 years why are you going to have a 30 year mortgage? Also, if you are getting 6% on a checking, you might be involved in somekind of trickery by the bank. /
First, I do not believe that you are getting 6.125% on a checking account. Anyway, save up enough money to have an emergency fund of at least six months expenditures. Then, increase the amount you pay each month to pay down the mortgage early.
I want to know where you have this checking account that earns 6% interest!! You may want to double check on that rate. Most regular savings accounts are only 2% or 3%. You should have an emergency fund equal to 6 months of living expenses. Once you have that established, you can pay extra on your mortgage.
Well those are two different questions.... 1. as long as you have a safety net of $500 in the bank and be comfortable....then dont worry too much about savings right now...you can start putting more money away once the rest of the bills are paid... 2. to save the most in interest..you would have to obviously pay off faster......interest is accumulative....so in order to get that paid off in 5 years....without knowing how much the note is...id say to double your payment each month....but if you cant double it....send a separate check than your normal payment along with...
Why are you getting a 30-year loan if you intend to pay it off in five years? Get a shorter loan term.