Mortgage Loan

Assume you have 30 years mortgage and the monthly payment is p$ at 1st day of the month. Will it shorten the payment time if you pay p$ as the 1st payment, pay p/2$ at 15th, pay p/2$ at 1st day of the 2nd month, and pay p/2$ at 15th of the 2nd month and so on.

The bank clark said it does not offer paying twice a month schedule. I guess it will still take 30 years to pay off the loan. Of course, if the bank offers paying twice a month schedule, it will take less than 30 years to pay off the loan.

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• 是會提前付完 -Commentate- ♂ (85 bytes) () 12/22/2009 postreply 14:49:14

• Thank you. -yma16- ♂ (100 bytes) () 12/23/2009 postreply 07:41:58

• 我們隻能從理論說 -commentate- ♂ (38 bytes) () 12/24/2009 postreply 07:20:33

• I know 理論. I am curious about the practice. -yma16- ♂ (77 bytes) () 12/24/2009 postreply 23:13:17

• 回複：是會提前付完 -file20002000- ♂ (209 bytes) () 12/27/2009 postreply 17:55:06

• if pay twice per month, about 23 yrs to pay off. -ncpga- ♂ (0 bytes) () 12/28/2009 postreply 13:37:18

• 回複：if pay twice per month, about 23 yrs to pay off. -jinjing- ♀ (216 bytes) () 12/29/2009 postreply 09:50:05

• Please read this page -eDub- ♂ (117 bytes) () 12/29/2009 postreply 12:54:31

• 回複：Please read this page -jinjing- ♀ (173 bytes) () 12/29/2009 postreply 13:22:53