Is Mortgage Offer Worth The Price?
I have 14 years left on my mortgage. My mortgage company is offering me an option to make bi-weekly payments. It would result in one extra payment a year and would pay off the loan two years and eight months early. The company will charge me $359 for this option. Is this worth it?
A: How nice of the mortgage company to charge you for the right to pay back money early! Capitalism, oy what a concept.
If you’re able to make one extra payment a year, why not just make it on your own? Why give the mortgage company $359 for something that you can probably do on your own anytime during the year and at no extra cost? Look at your mortgage note to see if you can prepay the loan without a penalty. If you can, then make the payment on your own and save the $359.
If you can’t, then maybe it’s worth it. But find out how much interest you’d be paying in the last 2 years and 8 months of the note. It may be very little. In fact, in future dollars it may be worth less than $359 today.
If you don’t have an amortization table that shows how much of your monthly payment is principal and how much is interest, you can generate one with nearly all of the personal finance computer software that’s available. If you don’t have a computer, call the mortgage company and ask it to send you a table for your loan.
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