Paraquat wrote on 12/13/16 at 06:13:32:
" ... I also just refinanced my house."
Their are 12 months in a year.
Their are 52 weeks in a Year.
You pay your loan, once each month. (Which 99.98% of them ask)
(Just using Numbers here)
1,000.00 a Month is due, (that’s 500,00 every two weeks)
(lets say), You get Paid, every two weeks.
52 of them, (Not 48, as your, loan, says)
So, you deposit, 500.00, Every Two Weeks,
and at the end of the month, take out your Payment.
Do that for a YEAR. (EACH YEAR)
And at the end of the year, you make,
TWO Payments.
One, (required) at 1,000.00, and one, of, 1,000.00
The, first 1,000.00 that is required, is your intrust and loan payment.
The, Next, 1,000.00 is, ALL, Loan Payment !!!!!!!
(That is on a ‘Amortized’, Loan, (which 99.89% are.)
If you don’t know want a, ‘’Amortized’, Loan, is,
You borrow, 100,000.00, you payments are 1,000.00
You pay, 1,000.00 each month.
Of that, 1,000.00, (first payment)
990.00 is INTRUST !!!! and 10.00 is, re-Payment, of the loan. !!!!!!
At the end of a Year, (ABOUT),
you have paid ONLY 180.00 on the amount you have to pay back.
(You STILL OWE, $99.820.00
But have PAID, $12,000.00)
A WHOLE LOT of Intrust, for the money you borrowed!
If you put, 1/2 your payment away, each time you get paid,
(*every Two Weeks),At the end of the year,
you paid that, 1,000.00 ‘extra’.
YOU, REDUCE, your Loan, by 1,000.00, MORE !!!!
(A 30 Year Mortgage, Just using that simple thing,
you will pay off that loan in 18 years !!!!!!!)
Next, if you have, Not, re-finaced yet.
(Crunch those numbers. !!!!!!)
Now, decide, How, Much, can you afford to pay every month !
Let’s say, you need, 100,000.00, (for something)
Let’s say, you can afford a, 1,000.00 a month payment.
And the, ‘bank/etc’, want’s, a 800.00 a month payment.
EACH PAYMENT, YOU Make, is, 1,000.00 (not 800.00)
Then, 5.00 from the 800.00 goes to the Principal, (the money you owe)
and the Extra, 200.00 is ALL, Principal !!!!!!!!!
(That loan will go down FAST !)
It is REQUIRED, in ALL States, to Provide you with a Copy of that schedule, so you can keep track. Yet MOST, ‘banks/etc’, do NOT Give you one !!!! And it is the, LAW, in ALL STATES, that any, ‘Pre-Payment”, of a Loan, is, WITHOUT Penalty !!!!!
(But of course, this in the ‘very’ fine print, and the, ‘bank/etc’, will NOT Tell you !!!!!!!
Let’s say, above is so.
BUT, you ask the ‘bank/etc’, :
“How Much Money will 900.00 a month buy”:
Let’s say, they say, 120.000.00
First Payment, is, (900.00 + 20,000.00)
WOW, Awesome, reduction in, ‘Principal’ !
Now, combine, the (2 week thing), even MORE !
And again, before someone get’s their panties in a bunch.
Above are ‘just’ numbers, for a example.
Each loan, each person/household, has to do a ’number crunching’,
And it depend, on your Job/income, Loan you need, payment you can make, & Collateral, etc, etc,.
It is the Principle of the thing.
And BANKS HATE That.
Just HATE That !!!!!!Look up, ‘Amortized’, Loan/schedule,
Plug, your, numbers in, and SEE !
Do you know why,
the, ‘banker’, is driving a NEW Lexus every year.
And you, struggle with a 7 year old Geo Metro ?
YOU, paid for, HIS/HER, New Car,
Every Year !.
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