Paying extra on your loan: The RIGHT way to do it! (Monthly vs Annually)
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- เผยแพร่เมื่อ 17 ต.ค. 2024
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I told my coworkers I wanted to have a mortgage paid in full before I turn 40 a couple years ago when I turned 27. I dont think they thought I was serious and that I was living a pipe dream. I worked 4 years prior and the next 4 years on overtime hours every chance I could get, took advantage of the stock market and housing market rally during 2020 and today at the age of 33 I am able to pay a mortgage in full and live free. It won't be a nice house, but it'll give me freedom to move to greater goals...
I'm really happy for you. Paying off a mortgage is huge. And the freedom that you have to do more of what you want probably feels amazing.
Keep on keeping on. Eventually if you wanted a new place a nice move could be to make it a rental property and use that cash flow to help pay of the new mortgage.
Yes!!! Thank you! How come no one is talking about it. My mortgage lender flat out said people get mortgages based one their income. It is usually 40-60%… I can’t believe it!!! Half of your money goes to mortgage!! What if you have a child and he has to go to daycare, or your car breaks down and you need to finance a new one or, god forbid, you loose your job! It will come down crashing so fast, we won’t know what hit us. People have no more savings, credit card debt is up. We are getting dangerously close to a brink of collapse
In my opinion, home prices will need to fall by at least 40% before the market normalizes. If you do not know whether to buy a house or not, it is best you seek guidance from a well-experienced advisor for proper portfolio allocation. So far, that’s how I’ve stayed afloat over 5 years now, amassing nearly $1m in return on investments.
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The moral isn't lump sum vs monthly it's about time. If you did the lump sum at the end of the year instead of the beginning, it would be worse than the monthly. Don't save up to make a lump some payment. Pay that balance down ASAP.
Less time for interest to accumulate
My amortization schedule updates monthly from my balance.. why save up to put down in jan? I think smarter to just pay monthly. It proves that you can manage extra monthly payments if you're capped at debt to income ratio. If something goes wrong in life, you can reallocate they money versus it all being spent in January's lump payment. Better if you can do both and pay down faster.
Thank you this guy is a moron. He literally could have said that.
This is the correct answer.
Some fuzzy logic happening in the video to magic $1200 out of thin air before you've earned it.
Paying whatever extra you can afford as soon as possible will always reduce the interest the most.
We recently bought a new home and love the comments and videos. We intend on saving money all year to make a big principal payment. I would never put everything down just in case of a emergency. Our goal is 8 years. Wish us luck and prayers are expected.
This is exactly what I was looking for. The difference between one big payment a year or 12 little ones
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From what I have learned after watching so many of these videos is that some of the best advice comes from the COMMENT sections.
Another thing I find helpful is to think of the opportunity cost of my daily expenses in terms of how much extra interest I'm paying by not using that money to pay debts faster. Suddenly that $3 starbucks coffee becomes more like a $10 coffee.
There is always an opportunity cost. You just have to decide if the opportunity is worth more than the cup of coffee right now. Right now my wife and I are debating extra payments on the mortgage vs investing the money in something that gives a higher return. We can make more by investing, but there is also that satisfaction and piece of mind with paying off the mortgage, which would be like getting the cup of coffee.
@@TheFirstRealChewy Ok but at least neither will kill you. Starbucks, cigarettes, big-screen TV's, and trips to Vegas are a whole different category and should never be consumed.
@@TheFirstRealChewy NEVER spend money on ways to harm your body. It's never a good trade.
Funny how many people can eat out every two or three days or buy a new tv but can’t scratch up any extra to go on the mortgage
@@TheFirstRealChewyBe careful you never know when you are investing, look at the people that bought Enron, Lehman Brothers, Washington Mutual, Sears Roebuck. I could go on, but not every stock is a Amazon or Bitcoin.
It is exactly the info I was looking for. Thank you.
Because you QUIT learning math at age 11. GOOD job, DUMBBELL!!
I really appreciate that you use an affordable home for your example.
It pisses me off that video's like this are usually for million dollar homes.
We decided to drop every single bonus on the home and then still pay every bit we can each month to try to make double payments. We act like the bonus never hit and just nuke the principal with that extra huge lumps of money. We have paid off 70k in the last 1 1/2yrs. It's insane to sit and look back at it! Our aim is to pay off the home in 3 years or less doing this method.
Just to be clear, he's saving more by front loaded the loan... not back loading. In other words, He's not saving till the end of the year, he's spending at the beginning
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Facts!!!
thanks so much for the calculator. Definitely going to be using this to a T and getting my debt paid off much faster! :D
You kept it simple and to the point. Thank you. The other videos were nothing but talking and not breaking it down.
That makes sense thank you very much for taking the time and help ppl out there
I guess this would make sense if you incurred the debt or received the $1200 at the beginning of the year, but that's rarely the case. Most people pay extra monthly as they get the money. Of course it would have been more efficient to pay sooner, but most people aren't in that situation. Similarly I wouldn't save up 1200 this year so that I can make a big lump sum in January; I'd just pay it as I have it this year which would result in less interest paid.
That's a totally fair point. I mainly wanted to show how the math benefits those who can do this. Also, for many who get tax returns early in the year, that could be a great way of incorporating this strategy. Thanks for your comment KayJack!
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In theory and mathematically, would this work the same for student loans?
@@timdenny1991yes. The loans take on interest daily and compound (interest on accrued interest) at least monthly so paying off earlier is always better. But most people can’t pay that much up front, so extra payments in the beginning will be better than nothing.
Love it....GOOD STUFF MIKE! 🙌🏼🙌🏼🙌🏼🙌🏼🙌🏼🙌🏼
Thanks Mike!!!!
Paying extra annually only works if you can pay the amount up front. In your $20,000 loan example, it would be better to take out a loan for $18,800 so you never pay interest on that 1200 your first year. Then it would be best to pay extra as soon as you have the money instead of saving it til the beginning of the next year. That way you don't pay interest on owed money you could have already paid off. You just need to see how often interest is calculated. If it's a credit card that calculates interest daily, then you should pay extra the day you have the extra money. If it's a mortgage where it's calculated once a month, you can just tack the extra onto your monthly payments.
Your logic here is really screwy because it assumes you'll have the lump sum of extra money up front. Most people get the extra cash to put towards a loan from their paycheck, which is where your system wouldn't work. The only way your plan makes sense is if you use your tax return or a bonus from work to pay extra.
I have the money to pay off a loan, shortening the lifespan of the loan or paying it off altogether would completely defeat the purpose of why I got the loan to begin with. I took out 3 loans and their entire purpose was jus to build credit.
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If I go ahead and pay 90% down the month after I got the loans, would that lessen the amount I owe every month, shorten the length of the loan or both?
@@jonathanbulkheed338 If that's your reason for getting a loan, then yeah, don't pay extra. But if your goal is to get out of debt then, paying extra will get you out of debt faster.
Just question so this strategy work only unfront one time or doing it yearly will result in savings?than paying monthly? Because after i pay lum sum then stop adding monthly payments then wait for another year .kinda confused. Haha
THANK YOU!!! The value in this video is amazing!!! I'm a new subscriber now!
My mortgage is 1763.16 a month. I already completed 3 years already. My interest rate was 3.5% when I purchased our first house.I started paying extra 590 a month because I wanted to pay it off in 3 years. Is this a great way to knock that loan down?
This is way better than people suggesting paying bi-weekly, in the long run you are safer paying by monthly. Week to week , who knows what trouble you can run into.
Interesting! It’s definitely smart to do the math before you start paying! 💯
You explained it in such and easy way to understand thank you so much!!🙏🏼🙏🏼🙏🏼
I paid extra principal on my mortgage and the amount going to interest payments hasn't moved forward. The amortization schedule hasn't moved at all.
How about the timing of when to pay the extra money each month?
Say I pay my monthly amount, then pay the extra 200 the next day. Or should I just pay the extra the same day as payment? Or does it matter? Usually my payment is 510 month. 3.99% interest. But I have it paid up and it says my next payment is due 8/10/22 for $210.
So would I pay just that $210. And then make my original $510 payment?
Great job... it really is as easy explained. Thank you,
We are paying a lump sum payment every January and every year it gets easier to do because when we make that lump sum payment we Recast our loan which brings down the monthly mortgage payment so we can save more each year 🤩
Your video made me think about using my xmas bonus to pay off my 21% car loan
EXCELLENT advice! Thank you so much for explaining so clearly.
So this will help with paying a lump sum every year in the beginning of the year?
My mortgage loan officer said front loading make no sense, he doesnt understand why i would want to do it. Is mortgage calculation different than math, or does he doesnt know what he is talking about?
Specifically when talking about sending in a chunk of money for an extra payment, PRINCIPLE ONLY is the best way that I know how to attack the principle aka time and interest. Yes, you do have to double check that the bank has actually deducted it from the principle but well worth it.
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Thank you so much I had this question last night this video answered it 🤩
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Mike this is such an awesome video! It really helped me understand. I have a question. Should I pay extra money on my loan now or wait until my loan is refinanced for a lower interest rate then pay more?
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does paying $50 bi monthly pay it down even faster? Than $100 extra monthly? straight to principal
The concept is the same regardless. The faster you pay down the principle, the better. The best approach is to apply the extra payments each month after making the initial big payment you can make. So if you have the money up front for the first year, pay it, then pay monthly after that instead of waiting a year to make another big payment unless you are investing the money each month before you make the big payment. Even then, the short term investment (after taxes) has to make more money than you save by paying down the loan to make the investment and hassle worth it.
Hello, please help! Does it matter if I pay the $10,00 in May instead of January toward the principal?
So this is one time upfront strategy savings?
Make the lump payment as soon as possible to get the biggest savings.
Thank you! Is the extra payment applied to the interest or the principle?
The principal
Well that depends on the bank. Some lenders only allow extra payments to go towards the next months payment and not towards principal only. An example is federal student loan servicers. Most mortgages and auto loans will allow you to make additional payments but you must be sure you choose principal only or tell the bank that you want the additional amount to go towards the principal only.
HI mike, What is the difference between paying extra at the beginning of that year(January ) or the end of that year (November or December)? Thank you
That was my question too!
Nice! Thanks for the info.
This is so helpful very motivating
Thanks, glad you liked it Shante!
Good Stuff...you lower the principal payment from the start of the year👌🏽
When buying a car is it better to put $10,000 down payment or get the loan at a lower longer term payment and make a $10,000 first payment?
On a mortgage, I feel like if you pay upfront an amount you would otherwise pay over twelve months only gives you benefit that singular year. On 3.25% interest it doesn’t seem like a huge amount on say $1,000. Only $32.50 less what you would shave off for the year spreading it out
I never heard about this. I have 29 years and 9 months left on my house and I've been paying 100 extra a month. I may do a larger extra payment once a year and still pay some extra each month.
only works if you can come up with the extra upfront / today, I f the plan is to save and pay at the beginning of next year your better paying monthly or as soon as you can.
We are doing the same! Money from bonuses are our lump sum then $100 extra per month gets us to pay off our loan in 10yrs or less :) You GOT this!
Dropped 192k on a down payment. I’m super motivated to pay heavy principal payments on the mortgage
Is it an equivalent difference if you were to pay the lump sum at the END of the 12months?...just in the opposite 'direction', so to speak?
exactly my question too
In that case it would probably be better to pay the extra hundred dollars each month provided it goes towards your principal loan. That way your interest payments will gradually reduce over the year, rather then stay the same. Instead of your interest payments staying the same throughout the year and then suddenly reducing once you make the lump sum payment. The whole problem with his approach is that some people might not have the extra cash lying around at the start. If you do it makes sense, but if you don’t you may as well put your money to work on the extra monthly payments. Furthermore let’s say you are trying to get ahead by year 2 by saving up 1200 dollars. It would again make more sense to put this money towards your principal as soon as you have it rather than waiting a whole year to try and lump sum the principal.
I have a question Mike: Is it better to set up a principal payment on the loan or just pay extra on the monthly payment? Or does that make a difference?
I just asked the same question on another channel. Hopefully he replies. 🤞🏾🤞🏾
Hello, this is an amortized loan. You are spot on! If you make a principal payment to the penny it will fully erase the interest column. Example; A principal payment of $446.63(#37 Jan)would erase $32.29 in interest. By taking this approach, your greatest power is at the front of the loan. Each month the interest is decreasing, while the principal is increasing. Therefore, each month it becomes more expensive to save less.
Also note that you must track these additional principal payments like a hawk(no pun intended😂). The lender can apply these additional funds to the loan in a manner that you did not intend thus decreasing your leverage, & increasing theirs. This is why I make additional “principal only payments” to the penny. TRACKABILITY.
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@@brianvonarx4574 The best response to date. I guess one could also write a check with the principal # on it
The problem is, why did you have the lump sum at the beginning of the year? If it's coming from a tax refund, maybe you need to have less taxes withheld. If it's a bonus at work maybe negotiate to have it spread out during the rest of the year. That way you can pay it even earlier.
I'm so glad I came across this video. I just bought a car and my agreement period is 72 months... I had enough money to put a 3-4K down payment down but I was advised by my boyfriend that there would be no point in doing that. Was he wrong? I actually just made my first payment on the car but I definitely have plans to get the car paid off early. Why pay the minimum if I can afford to make bigger payments every now and then? My goal is to pay as little as possible in interest.
Thanks for the tip!
I would say putting the money down would have been better. It would have gotten you a smaller monthly payment, and possibly a lower rate if it meant you could go with a shorter loan term. That said however, it really doesn't matter all THAT much because you can still make an extra 3-4K payment whenever you want!
Bcuz if you crash it insurance will pay blue book and that money is lost bcuz you never get what you paid for car.
@@clownanaround7996 gab insurance will cover the loan.
Jason, do you think it's a good idea if I put $5k towards my 60 month loan and then refinance after so that I can lower my monthly payments and then put another lump sum of cash towards the loan next year?
Recast the loan. Don’t refinance.
Would be great to include 3rd scenario for the frugal saver who wants an emergency fund, what happens if you wait until December to apply the lump sum $1200 payment?
Mike, I understand paying 1200 at the beginning of the year in your video, aka front loading the discount. But in my scenario, i plan to pay an additional $40 per month principal only payment ($480 annu) on top of the regular $760 monthly payment. Is there much savings in using this strategy vs paying $800 - $1000 monthly, by making 52 annual payments at $200 par week?
Paying $1200.00 in January rather then paying $100.00 each month for a year...what got my interest was when you said it would bring down the principal an extra $600.00 making the total reduction of the principal $1800.00. Did i get this right ? Why January ?
I make a principal payment everyday. Is this better than weekly and monthly?
Great explanation!
Hey Mike, I have a question: my current car payment is $390 a month and I’ve been paying $125 weekly. What’s your opinion of my payment plan? And thank you in advance for any advice given.
Hey, you're paying extra so no matter what that's great. It just might save you a little more if you can pay a larger chunk up front and then do normal payments the rest of the year. Also, have you made sure to get the lowest rate you can on the loan?
@@commoncentsmike7733 pay a larger sum up front at the beginning of the year so that the remaining balance is significantly reduced for the rest of the year right? Thus owing less interest?
When you pay a lump sum in addition to your monthly payment, does it automatically go to the prinicipal?
Every lender does it differently, some require you to request that it go towards principal only. Others will pay whatever interest has accumulated during that month first. Great question!
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Christianah summer What The hell are you talking about?????
@@theairforce1877 lol, they trying to scam, I wonder how many people fall for it
How about half payments twice a month? Mortgage bank said it’ll decrease my length of loan
Can you please let me know if my loan is 475 and mortgage is 3200 how much principle we should give to pay off the home loan faster
That’s pretty cool to know I’m gonna start throwing my tax money at the mortgage I never knew it worked out like that
Do you have to make monthly payments on a loan or can you do a lump sum annually at the end of every year?
Im a little slow here Mike, will watch video again. But what would be more beneficial paying two extra mortgage payments a month or making one mortgage payment and the equivalent to the principle?
If your mortgage has interest calculated daily then the biweekly payments would be better. This is because for 15 days of the month you'd owe less than the other 15 days. This can snowball and help more over time. (EX: you saved $30 by doing this one month and now you are not charged interest on those dollars so your next interest charge is even lower) If your interest is calculated once a month it might help if you can get extra payments in before the interest is calculated.
How would the calculations change if you had to save up the money throughout the year and paid 1200 on December (or January of the following year)
Thank you for the video!
So I’m planning to pay $10,000 one time. Does it have to be in the beginning of the year? ( January) or I can pay that anytime of the year? I’m also paying $5,000 per month on principle and $1,500 on my monthly mortgage. I’m trying to pay it off much sooner!
Thanks Much!
Thanks for this info!
Is there a reason you chose January if you work with financial years and not calendar year?
Thank you 😊 helpful
Fantastic, thanks.
Is paying 2 or 3 months in advance helpful ??
Done! Thank You!
This was really helpful
Great information
I think if you pay the extra money towards the principal and paying your note @ the same time, your interest rate will drop b/c the amount of the loan decreases.
This videos was helpful. Thank you
I have been reading if you pay a car loan or personal loan off sooner than what the contract was for you could get a pre penalty fee or a can lower your score 40 to 60 points?
I got a 72 month auto loan for 12K a year ago. My credit was 515. It has since gone up to 620 so last month I refinanced with a different bank again for 72 months. I'm really trying to get my score up, so I want to have on time payment history. I have about 5K saved up that I wanted to put toward the principle of the loan, but wouldn't it then be payed off earlier so I wouldn't get as many good payment history? What's the best thing to do to get my credit up and also not pay as much interest?
When it comes to paying off a loan early, I will pretty much always advocate doing that. I think you can pay it off early and still have the positive payment history. The only time I wouldn't say pay the $5k is if you don't have any other emergency savings. If not, maybe pay half of that.
This doesn’t answer your question that well but I was making decent enough money to pay for 3 cars a month. My mother and sister had bad/no credit established from years ago. I agreed to help my mom the first year and told her i would take the vehicle if she stopped making her payments. Then refinanced her off my name once she hit the year mark and her credit went up. Following year I did the same steps for my sister. It’s not always good to mix family with business but I sky rocketed my credit from 670 to 800. This is possible to do if your not making a car payment and you have extremely good faith and trust in who you help. Got my first car at 23 and it was a lease, lowest payment I could get with no established loan credit even though I had no dings. Got a job where i was provided a company vehicle and got rid of my lease. So i was building credit even though I didn’t have a car payment. Multiple ways to do this but trust is a big factor, currently 27
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So you want to pay a car for 12 years ?
So which day in Jan is best to pay the extra payment?
Thank you sir! I’m going to do this!
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? If I’m paying extra monthly ,which I am but amt varies, when do I pay it and why is it better? Right now I pay the extra in the exact loan due date. Can I save any extra? Thanks.
Honestly, as long as you're making extra payments you're good. It's just better to try and pay larger amounts early on rather than smaller extra payments over time. But either way, you're still saving money by paying extra.
Jesse
Make sure that you tell the lien holder (Bank/CU) that the extra money goes towards the principal and ONLY the principal. Got it?
@@commoncentsmike7733 Do you have to make monthly payments on a loan or can you do a lump sum annually at the end of every year?
Hello does it matter what month I pay one lump sum.
No, I can't think of any reason it would?
I love your video, and I do understand, but my question is if I wanted to start now do pay my lump sum for the year say April 1st, do I subtract Jan, Feb, and march or can I still pay the 12 months now and start again in January 2022 ?
Pay the full amount and start again Jan 2022
Thanks for the video!!!
Does it work with mortgage? With 30 years loan term?
Hi Mike,
What calculation sites and tools do you frequently use for loan and payment trending. What do you use for investment return calculation? (Might this warrant a small video??)
Do certain loans have clauses that dont allow you pay off the principle to reduce your interest? Like maybe something in the contract that says you must pay off all the principle and interest no matter how much you pay? My GF is in what appears to be a bad car loan. She said she ask could she pay extra and they told her it would not change the amount she owes.
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We have a 200k debt we have 40 k to use towards the house what will be the best way to use it
Not to mention that hundred dollars each month could be dropped into a high savings account that can grow so in the following year heads in the deposit at 1200 you have just a little bit more drop down
What if you don't have 1,200 up front? and what if every month you wanted to pay extra based on how much extra money you have left?
It only makes sense if you already have the money to frontload in the beginning of the year. Otherwise you really have no choice but to pay extra monthly out of your paycheck.
So I am better off if I can make one big principal payment on my mortgage vs smaller monthly payments. I am 6 years into a 15 year home loan and want to pay off in 4 years. I plan to simply make a big principal payment in 2 years...so this maybe better than a smaller monthly additional principal payment? Thanks
Great video Mike. Loving the info. I will loan on you more often. ha ha lots of loaning done today. cheers
i understood it great idea ...
I'll keep paying extra before the government changes the rules and says i cant
Hi would I put more on the principal payment or on the monthly due payment ?
My question is I put $3800 down on a $10.000 loan my payment are $158.76 a month at 17% interest for 60months if I paid a extra $160 plus my $158.76 each month what will that do for me in pay off
Is it wiser to refinance for shorter monthly terms, smaller APR, and more monthly payments, and then pay extra? Or is it just the same as paying extra with the refinance??
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What am I doing wrong? 20,000 x 7% = $1,4000 Int (How do I arrive at $2,988.44?) Thanks (Btw thank you for your videos, very helpful information)
It's compound interest not simple interest
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Great info! Thank you
Thank YOU!
Explanation doesn't get any easier 👍👍👍
What if I’ll pay extra in the middle of the year? Does it work? Few times a year?
Does January at the beginning of the loan apply to all? Like if I purchase the loan in July, would January still be the front load payment or would July be the front load payment?