44% Pay More Than the Minimum Mortgage Amount

By
Real Estate Agent with Keller Williams ~ Ottawa Realty Ltd
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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Rainmaker
156,577
Karen Church
RE/MAX Integrity: CDPE, SFR
RE/MAX Integrity

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

August 22, 2012 11:23 AM
Rainmaker
713,459
Chuck Carstensen
Minnesota Real Estate Expert
RE/MAX Results

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.

August 22, 2012 11:36 AM
Rainmaker
165,557
Leigh Ann Holman
REALTOR - Century 21, River Valley, Arkansas (479)774-5166
Leigh Ann Holman - Century 21 Glover Town & Country

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!

August 22, 2012 11:50 AM
Rainmaker
965,769
Kevin B. Tolbert PA Team
New Home Construction and Luxury Specialist!
Keller Williams Realty of Port Saint Lucie

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

August 22, 2012 06:39 PM
Rainmaker
247,221
Jean Richer
No Gimmicks, No Nonsense, only Straight Talk
Keller Williams ~ Ottawa Realty Ltd

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. 

August 24, 2012 06:49 AM
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Rainmaker
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Jean Richer

No Gimmicks, No Nonsense, only Straight Talk
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