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	<title>the simple me &#187; finance</title>
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		<title>Make smaller mortgage payments</title>
		<link>http://thesimpleme.com/2008/10/29/make-smaller-mortage-payments/</link>
		<comments>http://thesimpleme.com/2008/10/29/make-smaller-mortage-payments/#comments</comments>
		<pubDate>Wed, 29 Oct 2008 18:30:14 +0000</pubDate>
		<dc:creator>katin</dc:creator>
				<category><![CDATA[quick ideas]]></category>
		<category><![CDATA[finance]]></category>
		<category><![CDATA[mortgage]]></category>
		<category><![CDATA[save money]]></category>
		<category><![CDATA[springit!]]></category>
		<category><![CDATA[taxes]]></category>

		<guid isPermaLink="false">http://thesimpleme.com/?p=1177</guid>
		<description><![CDATA[This post can be found on Springpad&#8217;s new blog. 
Quick Idea: Make smaller mortgage payments every other week, shortening a 30-year mortgage to only 24 years.
How it works: If your mortgage payment is $1500/mo, instead pay $750 every other week.  At the end of the year, you will have paid 1 full extra mortgage payment.  [...]]]></description>
			<content:encoded><![CDATA[<p>This post can be found on <a href="http://blog.springpadit.com/2008/10/make-smaller-mortgage-payments/" target="_blank">Springpad&#8217;s new blog. </a></p>
<p><span style="color: #000000;"><strong>Quick Idea:</strong></span> Make smaller mortgage payments every other week, shortening a 30-year mortgage to only 24 years.</p>
<p><span style="text-decoration: underline;">How it works:</span> If your mortgage payment is $1500/mo, instead pay $750 every other week.  At the end of the year, you will have paid 1 full extra mortgage payment.  You will also have &#8220;prepaid&#8221; every month directly toward the principal, which will save a bundle in the amount of interest you pay over the life of the mortgage.  <a href="http://www.mortgagecalculatorsplus.com/calc-biweeklypayment.php" target="_blank">Calculate exactly how much you&#8217;ll save by paying bi-weekly</a>.<a href="http://www.mortgagecalculatorsplus.com/articles/bi-weekly-mortgage-payment-plan-saving-thousands.php" target="_blank"><br />
</a><a href="http://www.mortgagecalculatorsplus.com/calc-biweeklypayment.php" target="_blank"></a></p>
<p><span style="text-decoration: underline;">What to do:</span> <img src="http://www.springpadit.com/images/demo/springpad_smallicon.gif" alt="" /><a href="http://my.springpadit.com/s?id=BkXQ4xLkTC6eA3vxL8pI9A==/Bj8hNcrVQOeFltAORLKTBQ=="> Spring the task list!</a><br />
1. Be sure you can afford it &#8211; I recommend always having one full month&#8217;s mortgage payment in your checking account to cover the 2 months when you will make 3 (half) payments.<br />
<img src="http://www.springpadit.com/images/demo/springpad_smallicon.gif" alt="" /><a href="http://my.springpadit.com/s?id=BkXQ4xLkTC6eA3vxL8pI9A==/BjKWB-VRRCupNGHgM86Qow=="> Spring a household budget planner!</a><br />
2. Contact your mortgage company to find out if they offer a bi-weekly payment.  Most either offer it themselves or contract with a service.<br />
3. Set up automatic payments for every other week or create a repeating reminder for yourself to write the checks.<br />
<img src="http://www.springpadit.com/images/demo/springpad_smallicon.gif" alt="" /><a href="http://my.springpadit.com/s?id=BkXQ4xLkTC6eA3vxL8pI9A==/BjkJ1SK_SEuhc04PEMzC6w=="> Spring a bi-weekly alarm!</a></p>
<p>Resources<br />
Mortgage Calculators Plus <a href="http://www.mortgagecalculatorsplus.com/articles/bi-weekly-mortgage-payment-plan-saving-thousands.php" target="_blank">Why Does A Bi-Weekly Program Help You?</a><br />
Wisebread <a href="http://www.wisebread.com/diy-mortgage-acceleration" target="_blank">DIY Mortgage Acceleration</a><br />
My Money Blog <a href="http://www.mymoneyblog.com/archives/2008/09/biweekly-mortgage-payment-plan-bisaver-vs-do-it-yourself.html" target="_blank">Biweekly Mortgage Payment Plan: BiSaver vs. DIY</a><br />
About.com <a href="http://financialplan.about.com/cs/mortgagesloans/a/BiWeekMortgage.htm" target="_blank">Save Tens of Thousands of Dollars But Avoid the Scams</a><br />
The Simple Dollar <a href="http://www.thesimpledollar.com/2006/12/20/extra-mortgage-payments-versus-investments-which-is-the-right-move/" target="_blank">Extra Mortgage Payments Versus Investments: Which Is The Right Move?</a></p>
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