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Mortgage tip...easy way to save $$

This is kind of a "DUH", but I figured it would be worth sharing.  I called to set up automatic drafts for our mortgage payments (free through Wells Fargo) so I wouldn't have to worry about paying it every month.  I set up bi-weekly payments (Half every other Friday), and tacked on some extra money each draft toward principle. (A very small amount).  It knocked 11 years off the mortgage, and I can still send in extra money by mail or increase/decrease my payment if I need to at any time.  Just making the payment bi-weekly instead of monthly knocked off like 7 years or something crazy like that. 

Easy peasy, people.  

Lilypie First Birthday tickers

Re: Mortgage tip...easy way to save $$

  • Wow! I'm definitely going to check into this. Thanks for the tip!

    Kaylee & Cole 06.14.08

    8/6/11 First 5k! OG&E Expo Run 34:47
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    9/17/11 Healthy Sooners Fun Run 5k 33:38
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    3/25/12 Earlywine Dash
  • 11 years?!  Holy crap that's awesome.
  • If we got paid every 2 weeks I would definitely be doing this. Once we hit the "paying off the mortgage" baby step, though, we'll be paying it off early anyway. Even paying something small like $50-$100/month on principal can make a big difference over time.
  • I did that a few years ago and first I love not having to think about having the mortgage paid each month and I like that it is being paid of earlier without us having to think about it or really missing the money.  Love it!
    Lilypie Kids Birthday tickers Lilypie Kids Birthday tickers Lilypie Kids Birthday tickers
  • That's a big difference! Thanks for sharing!
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