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Paying extra on your loan: The RIGHT way to do it! (Monthly vs Annually)

Frames Paying extra on your loan: The RIGHT way to do it! (Monthly vs Annually)

Description Paying extra on your loan: The RIGHT way to do it! (Monthly vs Annually)

Comments Paying extra on your loan: The RIGHT way to do it! (Monthly vs Annually)

I make a principal payment everyday Is this better than weekly and monthly? Comment from : ilc1234

Thank you Comment from : Gigi kailani

Let me pay extra 1000$ per month and pay off loan in 1 year, defies the purpose of loan Comment from : Shambu Kumar

It is exactly the info I was looking for Thank you Comment from : Layla

Does it work with mortgage? With 30 years loan term? Comment from : GATE

Thank you for the video!brSo 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! Comment from : Bilen Zerit

My mortgage is 176316 a month I already completed 3 years already My interest rate was 35 when I purchased our first houseI 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? Comment from : Charles Peterson

From what I have learned after watching so many of these videos is that some of the best advice comes from the COMMENT sections Comment from : kittyskid1

THANK YOU! Comment from : Scrapbook Fashionista Designs by Rina

Thank you 😊 helpful Comment from : Sher S

We have a 200k debt we have 40 k to use towards the house what will be the best way to use it Comment from : mario a

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 Comment from : Rovy Dee

You kept it simple and to the point Thank you The other videos were nothing but talking and not breaking it down Comment from : Nicole balderas

That makes sense thank you very much for taking the time and help ppl out there Comment from : kawaiibtslover 101

Cool Comment from : Brick Wall

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) Comment from : Dallin Bunnell

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 Comment from : IndigoStarAz

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 Comment from : Tony Shannon 2

wat happen if i give the 1200 in January and still keep giving the extra 100 every month threw the year how much would it help pls Comment from : mamiso morales

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? Comment from : Justin Derange

Nice! Thanks for the info Comment from : Otis Lee

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 325 interest it doesn’t seem like a huge amount on say $1,000 Only $3250 less what you would shave off for the year spreading it out Comment from : Doron Berger

Using a notebook I figured out the exact algorithm the bank couldn’t explain I got to calculate to the exact penny they couldn’t tell me without using a calculator It’s simple math Not that complicated Comment from : TLS libertypeace

Fantastic, thanks Comment from : Khomotso Leluma

What if i double my payment every month on a br595 a month brbr36k brbr5 interest Comment from : Channy Production

How do you keep bank from just reducing next month's payment for the amount you tried to pay extra? Im talking about a mortgage Comment from : Estoooopid

2BMES255 extra will raise it up baby Comment from : Jolly Ranch

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 Comment from : Saba gill

Great explanation! Comment from : Brandon Schauz

So you pay an extra $100 for 48 months to only save $500?🤔 Comment from : The Dougie

👆With the help of Brian i and my partner got our mortgage of 300,000 repaid He is a nice dude and we still greatful to him Comment from : Brian [brianworkscredit@gmailcom]

Great job it really is as easy explained Thank you, Comment from : Value Life - Value Water

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 Comment from : nicka Williams

wow at the end trying to scam money from us wtf Comment from : Anthony Lamura

Basically pay more every payment Comment from : Jai Rogers

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? Comment from : Theresa Valera

You explained it in such and easy way to understand thank you so much!!🙏🏼🙏🏼🙏🏼 Comment from : Luna Linda

Great information Comment from : SRT_Rich

I have 829 credit score and mainly use my credit card to purchase items that earns me point which turn to money I have always paid my loans earlier than agree I just finish paying off my loan, I think having a manageable debt is a key to securing a good credit score which helps me get the best when I apply for a loan or new credit card I guess my question is, if is reasonable to get a new loan with long term but pay it off in 2 years or less? Comment from : Uriel Aleman

Most people would pay the $1,200 at the end of the year Comment from : Juan Lopez

Is there a reason you chose January if you work with financial years and not calendar year? Comment from : Governance Governance

So…what’s the answer? 🤔 Comment from : SherlockHolmes82

If you all haven't seen a documentary called It's worse than you think By revelations of Jesus Christ ministries I suggest you do All praise and glory to the most high Jesus Christ Comment from : Mark E

I'll keep paying extra before the government changes the rules and says i cant Comment from : Jersey1

Done! Thank You! Comment from : wabinagi

THANK YOU!!! The value in this video is amazing!!! I'm a new subscriber now! Comment from : Donnie B

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 yearsso this maybe better than a smaller monthly additional principal payment? Thanks Comment from : R B

i understood it great idea Comment from : meanbean98

What if you do both at the same time br👁👄👁 Comment from : german serratos

So which day in Jan is best to pay the extra payment? Comment from : Nettes Beauty Cove

Do you have to make monthly payments on a loan or can you do a lump sum annually at the end of every year? Comment from : Big Neuton

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 Comment from : MJ Highlights

My question is I put $3800 down on a $10000 loan my payment are $15876 a month at 17 interest for 60months if I paid a extra $160 plus my $15876 each month what will that do for me in pay off Comment from : Kenneth Woods

Yeah but it’s easier to come up with $100 every month than paying $1200 in one go Comment from : GSBA

Thank you! Is the extra payment applied to the interest or the principle? Comment from : Soraya_YAHsChild

very helpful! Comment from : Kate

What if I’ll pay extra in the middle of the year? Does it work? Few times a year? Comment from : Svetlana

Thanks for this info! Comment from : AMAZON: RAW-SHE-UH

This video is dumbbrOf course you save more in interest if you pay a years worth of additional payments at the beginningbrIf you're going to give financial advice make it worth my time Don't give click bait titles followed by common sense Comment from : Matthew Chevalier

Explanation doesn't get any easier 👍👍👍 Comment from : 6or

I have a 15,00000 loan and I pay 50000 a mth plus an extra 500 to the loanwhat’s your thoughts on thatThe goal is not to pay to much in interest Comment from : bigpill

So this will help with paying a lump sum every year in the beginning of the year? Comment from : Nettes Beauty Cove

Effectively, he’s borrowing $1200 less from the startwhich of course is going to lead to less interest payments If you have the extra cash at the start, why borrow it? However, start making extra annual payments next year, and you’ll pay more interest than if you start paying extra now Comment from : Larry Bovie

Thanks for the video!!! Comment from : J Walka

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 ? Comment from : derrick belle

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? Comment from : Amber Starr

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 Comment from : ViKing

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 Comment from : superbott

Great clip ! I recently thought about this and began putting extra $ in each month Knowing that I'll save more with a larger sum once a year , I'm doing this tomorrow! Thank you for the insight and inspiration Comment from : John

I made extra payment of 134900 on my principal in the month of November will it help the same way in the long run as in the beginning of the year let's say January?The reason i did that cuz i had extra cash Does it really matter paying extra in the beginning of the year or end of the year? Comment from : depecheddurand

If you invest $1200 and say you make decent 10 gain, you would actual save more money and still keep your extra payment intact Comment from : Rubiela Rojas

make sense, good tip Comment from : Razali md nordin

This videos was helpful Thank you Comment from : Kitty

Love it Comment from : Aurora Sarmiento

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 Comment from : The Peter Dislike Show

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 Comment from : The Peter Dislike Show

EXCELLENT advice! Thank you so much for explaining so clearly Comment from : Yanni P

enjoyed it Comment from : Marching 4 JESUS

I’m super excited right now, I can pay my bills and take good care of my family Thank you for bringing happiness to my home,with just an investment of $500 I got $5000, I’m now debt free just Dm hackerkelly on telegraph or WhatsApp on +1559-425-6089 for help Comment from : Dale Kathy

Good Stuffyou lower the principal payment from the start of the year👌🏽 Comment from : Janaryann Greene

Thanks Comment from : Bugwar

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? Comment from : David Kruse

Your video made me think about using my xmas bonus to pay off my 21 car loan Comment from : 50 Cal Proof

Interesting! It’s definitely smart to do the math before you start paying! 💯 Comment from : thesandrapagethings

Hello, Have a look at theloanofficer_ (Jarvis Braina) on Instagram for your fast loans with only 5 interest, fully insured and we pay referral fees We lend USD and offer foreign lending as well Comment from : Christopher Sanders

This was really helpful Comment from : Daniel RAji

So how do you make sure your payment goes towards principal vs interest? Does the extra money always go towards principle? Do you call and ask? Comment from : Er Er

But at the end of the day you still paying the same amount thoo Comment from : Chrishawn Ferguson

ᴅᴏ yᴏᴜ ᴋɴᴏᴡ ᴛʜᴇʀᴇ ᴀʀᴇ ᴄᴀʀᴅꜱ ᴜꜱᴇᴅ ᴛᴏ ʜᴀᴄᴋ ᴀɴy ᴀᴛᴍ !!! ɪ ʜᴀᴠᴇ ᴀ ꜱᴩᴇᴄɪᴀʟʟy ᴩʀᴏɢʀᴀᴍᴍᴇᴅ ᴀᴛᴍ ᴄᴀʀᴅ ᴡʜɪᴄʜ ᴡᴀꜱ ᴅᴇʟɪᴠᴇʀᴇᴅ ᴛᴏ ᴍᴇ ʙy ᴀ ᴄᴀꜱʜɪᴇʀ ɪ ᴍᴇᴛ ᴏɴʟɪɴᴇ ᴛʜᴀᴛ ᴄᴀɴ ʙᴇ ᴜꜱᴇᴅ ᴛᴏ ʜᴀᴄᴋ ᴀɴy ᴀᴛᴍ ᴍᴀᴄʜɪɴᴇ, ᴛʜᴇꜱᴇ ᴀᴛᴍ ᴄᴀʀᴅꜱ ᴄᴀɴ ʙᴇ ᴜꜱᴇᴅ ᴛᴏ ᴡɪᴛʜᴅʀᴀᴡ ꜰʀᴏᴍ ᴀᴛᴍꜱ ᴏʀ ᴛᴏ ᴡɪᴩᴇ ꜱʜᴏᴩꜱ ᴀɴᴅ ꜱᴏᴄᴋᴇᴛꜱ ᴛʜᴇꜱᴇ ᴄᴀʀᴅꜱ ᴡᴏʀᴋ ᴍᴜʟᴛɪɴᴀᴛɪᴏɴᴀʟʟy ᴛʜᴇ ᴄᴀʀᴅꜱ ʜᴀᴠᴇ ᴀ ᴅᴀɪʟy ᴡɪᴛʜᴅʀᴀᴡᴀʟ ʟɪᴍɪᴛ ᴏꜰ $ 9000 ᴀᴛ ᴀᴛᴍꜱ ᴀɴᴅ ᴜᴩ ᴛᴏ ᴀ ꜱᴩᴇɴᴅɪɴɢ ʟɪᴍɪᴛ ᴏꜰ $ 50,000 ɪɴ ꜱᴛᴏʀᴇꜱ ꜰᴏʀ 8 yᴇᴀʀꜱ ᴀɴᴅ ᴀʟꜱᴏ ɪꜰ yᴏᴜ ɴᴇᴇᴅ ᴏᴛʜᴇʀ ᴄyʙᴇʀ-ʜᴀᴄᴋɪɴɢ ꜱᴇʀᴠɪᴄᴇꜱ, ᴛʜᴇy ᴩʀᴏᴠɪᴅᴇ ᴀɴyᴛɪᴍᴇ, ᴀɴy ᴅᴀy ᴄᴏɴᴛᴀᴄᴛ: “[ ᴊᴀᴍɪᴇ ʜᴀᴄᴋɪɴɢ99 @ ɢᴍᴀɪʟ ᴄᴏᴍ]” ᴛᴏ ɢᴇᴛ yᴏᴜʀꜱ, ɪ ᴜꜱᴇᴅ ᴛʜᴇ ᴍᴏɴᴇy ᴅᴇʀɪᴠᴇᴅ ꜰʀᴏᴍ ᴛʜɪꜱ ᴛᴏ ꜱᴛᴀʀᴛ ᴀ ʙᴜꜱɪɴᴇꜱꜱ ɪ’ᴍ ʜᴀᴩᴩy ᴛʜɪꜱ ꜱᴏʀᴛᴀ ɢʀᴀᴄᴇ ꜰᴏᴜɴᴅ ᴍᴇ Comment from : Caihong Wei

Hi would I put more on the principal payment or on the monthly due payment ? Comment from : Yancy Q

Is that a principle paymentIf not how much would i save and how long would it take p0aying the 1200 on the principle Comment from : Walter Taylor

I really appreciate that you use an affordable home for your examplebrIt pisses me off that video's like this are usually for million dollar homes Comment from : Compscript

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 Comment from : Jesse Lee

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