Community Chat

[Zhills]

I have a friend who said he had paid his mortgage 12 payments ahead so he could stay there a year before he needs to make another payment?

Most computerized programs expect a money input between billing dates?  How does yours work?

[chickenbutt]

With mine I can pay as much extra as I want, but I will stil owe a payment the next month.  It's kind of like a credit card would work - even when you pay more than the minimum, and as long as there is a balance, you will still owe at least a minimum amount the next month.

[Annabellethecat66]

I paid my house off years ago.  If you live in a house long enough, you'd pay it off.

My daughter and her husband refinanced their house to a 12 year mortage and just paid it off.

[proudlyfromNJ]

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@Annabellethecat66 wrote:

I paid my house off years ago.  If you live in a house long enough, you'd pay it off.

My daughter and her husband refinanced their house to a 12 year mortage and just paid it off.

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Yes, but can you pay a year in advance and not make another payment for a year?

[Bird mama]

@Zhills  I guess it would depend.  If he has something like a coupon/payment book, I would think he could send in 12 consecutive payments. 

My mortage company sent me monthly statements.  I just paid a 15 year mortgage in 5 years and 6 months.  I did it with extra principal, lol.

As soon as I would get the statement, I'd pay it and then the mortgage company would generate a new statement.  I received the statement for the payment that would have been due 8-1-17 back in June 2017.  That's when I ended it :-)

[Anita Hug]

I think your friend might be in for a surprise if he is counting on not making any more payments for a year.  It might be possible that he's made that arrangement with his mortgage company, but any time I've paid extra, even made double payments, I still have to make my next months payment right on time. It doesn't matter how much extra I've paid.  

What he did do is save himself a tremendous amount of interest and shortened the term of his mortgage significantly.  

I just read the post above mine and clearly other mortgages have terms different than mine have been, lol. Mine are always billed monthly. I can see how there might be other ways to make multiple payments if there are seperate billing slips for them!

[esmeraldagooch]

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@proudlyfromNJ wrote:

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@Annabellethecat66 wrote:

I paid my house off years ago.  If you live in a house long enough, you'd pay it off.

My daughter and her husband refinanced their house to a 12 year mortage and just paid it off.

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Yes, but can you pay a year in advance and not make another payment for a year?

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Yes, I have done it.

[esmeraldagooch]

You have to pay all the interest and escrow payments for 12 months though

[esmeraldagooch]

Some do this especially if their work is spiratic.  Pay ahead for hard times.

[missy1]

I didn't think you could do that. It would just be a very huge payment for that month.