It's Friday morning, do you know where your mortgage money's going?

The other day I finally got everything settled and corrected regarding our mortgage payments and the mistake that was taking forever to be fixed by the bank.  In the end, $1,200 should’ve come out of our account and only $480 did.  So that’s $720 that should’ve been paid on our mortgage, and we’re all about getting the mortgage paid off as soon as possible, so we were annoyed.  All of the money that should’ve come out is coming out now and the right payments (bi-weekly instead of monthly) are coming out.  You know what the difference in interest was between that stupid $480 monthly payment and the bi-weekly payments we wanted:  $1.80!  But the difference between keeping the mortgage monthly versus bi-weekly was 4 more years of mortgage payments!  And do you know how much of that $720 was interest?  Almost $500!!!  The other day $232 was taken off of the principal to make up for the $720 that wasn’t paid.  I know it’s a new mortgage, but that’s a lot of stinkin’ interest!  So, yes, it’s Friday morning… do you know how much interest the bank is hosing out of you?!

Posted in Finances | 1 Comment

One Response to It's Friday morning, do you know where your mortgage money's going?

  1. Tal says:

    I love that you know these things Dixie. I swear when I buy a house I’m emailing you for the secrets to paying off a mortgage quickly.

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