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Do you pay extra on your mortgage or do you pay the required minimum payment?

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Asked by Anonymous at 9:43 PM on Jan. 7, 2009 in Money & Work

Answers (7)
  • We pay the minimum, but we do pay it in bimonthly installments, which means we'll pay it off in 23 years rather than 30, because you end up paying an extra payment every year.

    Answer by Anonymous at 9:45 PM on Jan. 7, 2009

  • We put a lot down and always paid as much over the payment as we could every month. I am 25, SO is 27 and we now own our house free and clear.

    Answer by kabbot01 at 9:49 PM on Jan. 7, 2009

  • We pay the required minimum payment.

    Answer by SparklingHope at 1:18 AM on Jan. 8, 2009

  • We pay $200 extra a month. House will be paid off this year.

    Answer by Anonymous at 7:06 AM on Jan. 8, 2009

  • We pay more each month

    Answer by how_reb at 9:26 AM on Jan. 8, 2009

  • min. but then we pay principle only payments when we can.

    Answer by Anonymous at 9:42 AM on Jan. 8, 2009

  • When we first bought our house, we always paid extra, that's back when I was working and we didn't have any children. But we always had to specify that it went on the principle. If we didn't, the extra money woudln't have helped pay our house off sooner. And we had to specify every single time we made a payment. WE don't pay extra now, because we have only one income and have three children, but we are looking forward to the time when we can start paying extra again. If you have the money to do it, then go for it. I was twenty when we bought the house, and it should be paid off before I am thirty three.

    Answer by McGregor at 2:00 PM on Jan. 8, 2009

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