A good guideline for calculating your mortgage payment is to calculate your monthly mortgage payment as if you would be making payments for a year. This puts your payments on a yearly basis, so that you can pay them off in less time.
A good rule of thumb is that you should pay for that in one day.
Here’s another good rule of thumb, as well. If you are making payments for more than a year, the next time you are making your mortgage payment, you should cut the payment by a day’s worth.
The numbers in the box below are based on the number of mortgage payments and the mortgage payments you have made for the last six months. The numbers in the box below are based on the mortgage payments you have made for the last six months.
The bottom line is this: The more you pay, the less you should pay. If you have been making a yearly payment and you are making five monthly payments, your monthly payment should be reduced by a days worth. If you are making a year’s worth of mortgage payments, you should have your payments cut. The amount that you pay each month should be no more than what you pay every month.
If you are paying the same amount every month, you should have equal monthly payments.
For the past six months I’ve been a very regular monthly payment. If I’m making five monthly payments, I should make my payments every month. If you are making a yearly payment then you should make your payments every other year.
What’s really surprising, however, is how far a lot of people go to cut off their payments before they even realize they are doing it. In a recent survey of mortgage payments by MoneyGram, almost half of respondents had their payments cut by more than 10 percent or more than 50 percent. The highest percent ever recorded was $13,738.
It’s worth noting that many people who cut their payments do it because they are being pressured to do so by their lenders (or their family members). They may see their monthly payment as a small financial sacrifice, but it’s really not. Once you begin paying your mortgage, your payment gets bigger and bigger. Then it continues to get bigger and bigger, and there’s no point in cutting it anymore because it’s just going to increase.