44% Pay More Than the Minimum Mortgage Amount

By
Real Estate Sales Representative with ReMax Hallmark Realty Group
In a recent survey done by CHMC, it was discovered that more than 44% of current home owners are paying more than the minimum payment required for their mortgage. What this means is that these home owners are paying a little extra every week, second week or monthly.

Why would soeone pay more than required? That's a great question! 44% of the home owners want to pay down the mortgage a bit faster (sometimes much faster) which in return increases the equity in their home. This can give them other options on the financial side.

Another good reason to do so is that if the interest rates go up at a certain point in time, they will already be used to the higher payments and it won't affect their lifestyle.

Posted by

Jean Richer
Salesperson

Keller Williams ~ Ottawa Realty Ltd.

(o) 613.590.3000
(c) 613.614.3025
(e) jean@jeanricher.com
(w) JeanRicher.com

 
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Rainer
218,933
Karen Church
RE/MAX Integrity - Eugene, OR
RE/MAX Integrity: CDPE, SFR

Glad to know that there is quite a few people doing this.  When I sell a property, I always recommend to pay a little extra on each month's mortgage.

Warm regards,

Karen Church

Aug 22, 2012 11:23 AM #1
Rainmaker
846,652
Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota Real Estate Expert

It saves money in the long haul.  Right now we have been working on the other debts before paying off the home faster in our household.

Aug 22, 2012 11:36 AM #2
Rainmaker
195,873
Leigh Ann Holman
Leigh Ann Holman - Century 21 Glover Town & Country - Clarksville, AR
REALTOR - Century 21, River Valley, Arkansas (479)774-5166

I'm suprised about the 44%.  I wouldn't have expected that number to be so high, but I certainly like that it is!  That's great planning!

Aug 22, 2012 11:50 AM #3
Ambassador
1,365,710
Kevin B. Tolbert PA Team Keller Williams Realty of Port St Lucie
Keller Williams Realty of Port Saint Lucie - Port St Lucie, FL
Luxury Home and New Home Construction Specialist

Yes, this is a solid plan anytime you can afford it as it is so heavy on interest early on.

Aug 22, 2012 06:39 PM #4
Rainmaker
310,434
Jean Richer
ReMax Hallmark Realty Group - Orléans, ON
No Gimmicks, No Nonsense, only Straight Talk

I was also very surprised by the 44% but I was also happy to see this. It makes it easier in the long run, for so many reasons. 

Aug 24, 2012 06:49 AM #5
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Rainmaker
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Jean Richer

No Gimmicks, No Nonsense, only Straight Talk
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