Paying Your Mortgage Twice a Month

August 28, 2017 Ricki Braswell CAE

Do you feel daunted when thinking about how to achieve financial freedom?

I admit I don’t know exactly what that looks like, but I’ve had some success with easing my financial burdens thanks to a couple of habits I’ve implemented over the years.

Paying Your Mortgage Twice a Month

One habit is paying my mortgage twice a month. If your first thought is, “holy cats I can’t do that,” I understand, but it may not be as difficult as you assume. I’m not suggesting that you pay double, I’m suggesting that you pay ½ a month ahead.

Instead of paying $2,000 on the 15th, you would pay $1,000 on the 1st and $1,000 on the 15th and then repeat the next month. Why is this a good idea? Because mortgages are calculated over a long span of time and a large portion is comprised of interest. By paying twice a month, a larger percentage goes to the principal.

Habit Development to Reach Financial Freedom

So how do you get into this habit?

It’s pretty easy if you are beginning a new loan because you have about a 45-60 day grace period after closing before the first payment is due. You can make your first ½ payment 15 days before the due date.

If you have an existing mortgage and like most of us don’t have the money on hand to make an additional ½ payment, then you can start by saving toward the ½ payment until you have enough to make it for the first time, which then reduces your next monthly payment. That may take you a few months.

This same idea can be applied to your car payment. For both your mortgage and your car, make sure your loans don’t carry a penalty for early payoff.

Financial freedom is one step closer.

What steps do you take to better manage your finances? We’d love to hear from you in the comments! 

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About Author

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Ricki Braswell CAE

Ricki Braswell, CAE, joined the Pankey Institute as President & CEO in April 2011. A former Executive Director for National Association of Dental Laboratories, National Board for Certification in Dental Laboratory Technology and The Foundation for Dental Laboratory Technology, she has a wealth of experience in nonprofits, corporate communications, human resources, and publishing. Ricki has served on The L. D. Pankey Foundation board of directors. In 2010, Dental Products Report named her one of the Top 25 Women in Dentistry.

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