Comments on: The Myth Of The Bi-Monthly Mortgage http://www.thehappyrock.com/2008/04/05/the-myth-of-the-bi-monthly-mortgage/ Getting out of Debt, Getting off the Couch, and Getting into Life Sun, 29 Jan 2012 16:23:20 +0000 hourly 1 http://wordpress.org/?v=3.1 By: ray http://www.thehappyrock.com/2008/04/05/the-myth-of-the-bi-monthly-mortgage/comment-page-1/#comment-13685 ray Wed, 01 Jun 2011 20:07:30 +0000 http://www.thehappyrock.com/2008/04/05/the-myth-of-the-bi-monthly-mortgage/#comment-13685 bi-monthly means twice a month in CANADA, i think you mean bi-weekly, bi-monthy MEANS every other month in the states, this is based on DEFINITION and NOT personal interpretation bi-monthly means twice a month in CANADA, i think you mean bi-weekly, bi-monthy MEANS every other month in the states, this is based on DEFINITION and NOT personal interpretation

]]> By: J Kane http://www.thehappyrock.com/2008/04/05/the-myth-of-the-bi-monthly-mortgage/comment-page-1/#comment-12832 J Kane Wed, 13 Oct 2010 15:06:21 +0000 http://www.thehappyrock.com/2008/04/05/the-myth-of-the-bi-monthly-mortgage/#comment-12832 In the end, a lot of it comes down to self-discipline. If you can force yourself to pay extra on your mortgage rather than spend it on stuff, you should stick with a monthly payment. That way you reach the same outcome and maintain more financial flexibility. In the end, a lot of it comes down to self-discipline. If you can force yourself to pay extra on your mortgage rather than spend it on stuff, you should stick with a monthly payment. That way you reach the same outcome and maintain more financial flexibility.

]]> By: scott http://www.thehappyrock.com/2008/04/05/the-myth-of-the-bi-monthly-mortgage/comment-page-1/#comment-12276 scott Wed, 19 May 2010 03:54:32 +0000 http://www.thehappyrock.com/2008/04/05/the-myth-of-the-bi-monthly-mortgage/#comment-12276 I think you nailed it by saying they were budgeting tools. Just save the money yourself and make a payment in a lump sum. I think you nailed it by saying they were budgeting tools. Just save the money yourself and make a payment in a lump sum.

]]> By: Christianpf http://www.thehappyrock.com/2008/04/05/the-myth-of-the-bi-monthly-mortgage/comment-page-1/#comment-11117 Christianpf Fri, 28 Aug 2009 15:52:57 +0000 http://www.thehappyrock.com/2008/04/05/the-myth-of-the-bi-monthly-mortgage/#comment-11117 This is a good point, if the general population realized how much quicker they could pay their mortgages down by consistently paying extra - we would have a lot more 40-somethings without a mortgage! This is a good point, if the general population realized how much quicker they could pay their mortgages down by consistently paying extra – we would have a lot more 40-somethings without a mortgage!

]]> By: Mortgage Calculator Man http://www.thehappyrock.com/2008/04/05/the-myth-of-the-bi-monthly-mortgage/comment-page-1/#comment-10100 Mortgage Calculator Man Thu, 28 May 2009 20:03:29 +0000 http://www.thehappyrock.com/2008/04/05/the-myth-of-the-bi-monthly-mortgage/#comment-10100 I'm pretty sure bi-monthly means once every 2 months. I believe you mean bi-weekly... Semi-monthly would be closer to every 2 weeks as it would imply twice per month (once every half month). But it's a common misnomer. It is a great way to accelerate a mortgage and can save boatloads of money long term even if you do have to pay a 3rd party to take care of the disbursements to the mortgage company for you. But as you mentioned, it's just as easy to pay a little extra each month and it accomplishes the same end for free... Nice article. I’m pretty sure bi-monthly means once every 2 months. I believe you mean bi-weekly… Semi-monthly would be closer to every 2 weeks as it would imply twice per month (once every half month). But it’s a common misnomer.

It is a great way to accelerate a mortgage and can save boatloads of money long term even if you do have to pay a 3rd party to take care of the disbursements to the mortgage company for you. But as you mentioned, it’s just as easy to pay a little extra each month and it accomplishes the same end for free…

Nice article.

]]> By: Weekend Reading Pleasures | Ask Mr Credit Card's Blog http://www.thehappyrock.com/2008/04/05/the-myth-of-the-bi-monthly-mortgage/comment-page-1/#comment-8790 Weekend Reading Pleasures | Ask Mr Credit Card's Blog Mon, 09 Mar 2009 02:33:40 +0000 http://www.thehappyrock.com/2008/04/05/the-myth-of-the-bi-monthly-mortgage/#comment-8790 [...] Happy Rock posted a great article on the myth of bi-monthly payment. Read this if you are thinking about implementing [...] [...] Happy Rock posted a great article on the myth of bi-monthly payment. Read this if you are thinking about implementing [...]

]]> By: Phil http://www.thehappyrock.com/2008/04/05/the-myth-of-the-bi-monthly-mortgage/comment-page-1/#comment-8707 Phil Wed, 04 Mar 2009 17:01:59 +0000 http://www.thehappyrock.com/2008/04/05/the-myth-of-the-bi-monthly-mortgage/#comment-8707 I am searching for a bi-monthly mortgages definition and found your article. Now I understand the disadvantages of a bi-monthly mortgages. very informative and well explained. Nice post I am searching for a bi-monthly mortgages definition and found your article. Now I understand the disadvantages of a bi-monthly mortgages. very informative and well explained. Nice post

]]> By: The Happy Rock http://www.thehappyrock.com/2008/04/05/the-myth-of-the-bi-monthly-mortgage/comment-page-1/#comment-8037 The Happy Rock Tue, 27 Jan 2009 23:36:29 +0000 http://www.thehappyrock.com/2008/04/05/the-myth-of-the-bi-monthly-mortgage/#comment-8037 @Marian - Great tip. In my experience it seems banks are much more transparent now then they used to be with this. @Marian – Great tip. In my experience it seems banks are much more transparent now then they used to be with this.

]]> By: Marian Mccanless http://www.thehappyrock.com/2008/04/05/the-myth-of-the-bi-monthly-mortgage/comment-page-1/#comment-8035 Marian Mccanless Tue, 27 Jan 2009 18:14:30 +0000 http://www.thehappyrock.com/2008/04/05/the-myth-of-the-bi-monthly-mortgage/#comment-8035 Readers should note that when you make extra payments they need to be specific about the fact that it's to pay principal. I make out a separate check for the extra payment and write principal reduction in the memo. That way the bank doesn't apply it to interest. Readers should note that when you make extra payments they need to be specific about the fact that it’s to pay principal. I make out a separate check for the extra payment and write principal reduction in the memo. That way the bank doesn’t apply it to interest.

]]> By: The Happy Rock http://www.thehappyrock.com/2008/04/05/the-myth-of-the-bi-monthly-mortgage/comment-page-1/#comment-7942 The Happy Rock Tue, 20 Jan 2009 16:04:28 +0000 http://www.thehappyrock.com/2008/04/05/the-myth-of-the-bi-monthly-mortgage/#comment-7942 @All - Glad to help. @John - Thanks for the biweekly info. After a little research biweekly is probably the right term although it has been used enough that even the dictionary lists the both biweekly and bimonthly as interchangeable. So now neither is really right! I wish that the banks would get more competitive and pass on the savings and less risk, but then they wouldn't get much interest I suspect. @All – Glad to help.

@John – Thanks for the biweekly info. After a little research biweekly is probably the right term although it has been used enough that even the dictionary lists the both biweekly and bimonthly as interchangeable. So now neither is really right! I wish that the banks would get more competitive and pass on the savings and less risk, but then they wouldn’t get much interest I suspect.

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