I currently put in $150 per week extra into the mortgage.
Should I continue doing this or bank the $150 pw into a 7.6% savings account (such as ING) and make 1 or 2 lump sum payments per year into the mortgage?
There are online calculators for lump sum payments, but they only calculate one offs, not annual lump sum payments.
Thanks!
Please, bankers and finaciers advise only.
The more you put on your mortgage up front the better off you will be in the end.
The more you put on your mortgage up front the better off you will be in the end.
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The general rule is to pay off your debts before you save. The reason for this is that our debts usually cost more than our savings earn, because interest rates for mortgages and credit cards are higher than even the best savings account rates on the market.
Keep putting the extra $150 a week into your mortgage, and you will pay it off much sooner than you think!
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