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NBR: Weekly house payments?

SquishycheeksSquishycheeks
in Babies on the Brain

My mortgage company has offered to set up weekly automatic payments on our house rather than one big bill, and I'm just curious if anybody has done something similar. Supposedly paying it weekly will be the equivalent of making one extra payment a year, so it looks pretty good, but I'm curious if there are any cons to paying this way that I might be missing.

DH gets paid monthly btw. TIA:)

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Re: NBR: Weekly house payments?

  • AMYfromKYAMYfromKY member
    Ours did that too.  At the time we felt more comfortable making it at the end so that's what we do. 
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  • heather_09_15_07heather_09_15_07 member
    I think I'd rather keep it scheduled monthly, but split the payments up on my own.
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  • Honeysuckle RoseHoneysuckle Rose member

    Our mortgage company offered that too, but it was bi-weekly. The only reason I didn't sign up for it was because DH gets paid the 1st and the 15th, and that's not always when the payments would have come out. I was worried that money would have been tight and we might end up over drawing. 

    If your DH gets paid once a month, then you guys might be okay, but would you have the right amount at the end of the month once everything else had been paid?

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  • FiremansWife2009babyFiremansWife2009baby

    My only concern would be budgeting in your own account for the weekly payments, and having the appropriate amount in at all times.

    I would be more comfortable with 1 payment, or 2 payments a month - and just save a little extra and make an extra payment yearly for the same benefit.

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  • two-pink-shoestwo-pink-shoes

    Paying 52 times a year is a great way to pay off your mortgage early.  BUT, do NOT pay anyone extra to set up those payments for you.  It's a scam.  You can figure out a payment scheme yourself (i.e. every two weeks will do the same thing).

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  • Mrs_HamlinMrs_Hamlin
    imagetwo-pink-shoes:

    Paying 52 times a year is a great way to pay off your mortgage early.  BUT, do NOT pay anyone extra to set up those payments for you.  It's a scam.  You can figure out a payment scheme yourself (i.e. every two weeks will do the same thing).

    I agree with this.  I have been working in a bank for 7 years.  If you have a 30 year mortgage and you make one extra payment per year you should shave, on average, 8 years off your mortgage!  :)

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  • wood6463wood6463

    Just make sure they aren't going to charge you for this.

     

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