Author Topic: Bi weekly vs. accelerated Bi-weekly mortgage payments  (Read 1584 times)

bluejay

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Bi weekly vs. accelerated Bi-weekly mortgage payments
« on: January 21, 2016, 11:41:04 AM »
About to close on our first home in a few months and are finalizing our down payment and looking at how aggressively we can pay down our mortgage once we're in. Any experience with accelerating your mortgage payments? If we can afford to do it, should we? Thanks.

arebelspy

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Re: Bi weekly vs. accelerated Bi-weekly mortgage payments
« Reply #1 on: January 21, 2016, 03:20:14 PM »
About to close on our first home in a few months and are finalizing our down payment and looking at how aggressively we can pay down our mortgage once we're in. Any experience with accelerating your mortgage payments? If we can afford to do it, should we? Thanks.

It depends on you, your goals, risk tolerance, etc.

This 15 pages of reading should give you enough information, and arguments on both sides, to answer for yourself that final question you asked that I bolded.

http://forum.mrmoneymustache.com/investor-alley/paying-off-mortgage-early-how-bad-is-it-for-your-fi-date/

http://forum.mrmoneymustache.com/ask-a-mustachian/let's-settle-this-with-a-vote-invest-or-payoff-debts/

Good luck!  :)
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

YoungRetire

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Re: Bi weekly vs. accelerated Bi-weekly mortgage payments
« Reply #2 on: January 21, 2016, 08:20:02 PM »
I make a 100% principal every day of the year that the bank is open. This is true badassidy !
I make an extra payment everyday whether it's 5.00 or 2000.00   I just knock the shit out of it !

One time I took a 30 year loan and knocked it out in 3 short years. Remember what MMM says. Hey rid of debt like your hair is on fire !

bluejay

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Re: Bi weekly vs. accelerated Bi-weekly mortgage payments
« Reply #3 on: January 24, 2016, 02:30:16 PM »
Thanks so much!