I have read you can save thousands of dollars by dividing a mortgage payment into two half payments per month?

Is this true? Do you need to be a payment ahead first?


ThanksI have read you can save thousands of dollars by dividing a mortgage payment into two half payments per month?
Much easier just to add a 100.00 or more to your mtg payment and mark it as extra principle. I did that a took a 15 yr mtg down to 12 years. This knocks the interest payment down considerably since it comes off early in the mtg.I have read you can save thousands of dollars by dividing a mortgage payment into two half payments per month?
Yes you can do this but you want to check with your mortgage company to make sure you don't have any prepayment penalties. yes, you have to be a month ahead to do this. It saves you money because you make an extra payment and you are saving on interest fees.

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