Personal Finance

[Apex]

I don’t remember if this math ended up being accurate or not, but iirc if you make a double payment on your first payment of a 30 year mortgage it shaves almost two years of payments off because of all the interest saved over time after that.

Two years is probably an exaggeration, but I think it’s still a significant savings over time.

Edit: lol just checked an amortization schedule and it shaved off like 4 months. Not the two years I’d heard however long ago, but still to see the savings.

We've been paying an extra $100 toward principle/mo and are on track to make 1 extra payments per year. We've paid half the one extra so far, and after 10 months, we've already shaved 6 mos and $7k of interest over the life of the mortgage. Pretty amazing.

We setup biweekly payments...so a payment every other week. It lines up with pay schedule, so it's easy to manage, and ends up with the extra annual payment automatically. Works really well, and should cut our loan down by ~5 years or so. Hope to increase the additional to principle soon to really cut the life and interest down.

That extra payment a year usually cuts down 5-7 years of a 30 year note.

[09vdubgti]

In terms of Banking, I have Chase and Discover Bank. Chase because it has an actual location literally everywhere in NJ. Then Discover is my primary, good savings rate compared to the big banks and 1% cash back on all debit purchases.