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Thread ID: 119221	2011-07-11 13:09:00	Maths question	beetle (243)	PC World Chat

Post ID	Timestamp	Content	User
1216144	2011-07-11 13:09:00	MY mortgage statement says i have 319 months left......how do i work out that into years? somehow i work it out to 26 years......... and thats longer than the term i signed up for..... am i working it out wrong? 319 divided by 12? cant find the correct letter / key on the keyboard... beetle:rolleyes:	beetle (243)
1216145	2011-07-11 13:21:00	I get the same...	rob_on_guitar (4196)
1216146	2011-07-11 14:48:00	26 and a half years. It could be longer because of changes in the interest rates, missed payments, extra fees, interest on overdraft, etc... The key for division is "/". You could also google: '319 divided by 12'.	Cato (6936)
1216147	2011-07-11 20:37:00	MY mortgage statement says i have 319 months left...... How often do you pay it? If you really pay it monthly then you should change it to fortnightly, saves you quite a bit. And is it calendar monthly or 4 weekly? If it's 4 weekly, it's 26 divided by 13. When you signed up, did they have the term you chose or had they changed it? With my new mortgage I chose 20 years, when the paperwork came it had 30 years on it.	pctek (84)
1216148	2011-07-11 20:40:00	:crying:crying:crying sigh . . . . . . . . . . . . . . and the sad thing is im paying more than the minimum . . . . . . . . oh well . . . . . . . . . . . . gotta spend it on something i guess . . . . . . . . . I dont drink . . . . . . . . i dont smoke . . . . i dont gamble . . . . . . . . . must have a pretty boring life by the sounds of it . . . . . . . :lol: i thought i stated 25 years . . . . . . . . . . . cant remember now . i pay fortnightly, thanks guys . beetle	beetle (243)
1216149	2011-07-11 22:14:00	With that ahead of you, I hope you don't mind if I commiserate:crying:crying:crying	Cicero (40)
1216150	2011-07-11 22:26:00	When you can and as often as you can, pay off some of the principal. If you are fortunate enough you might have it cleared before the 26 years are up. Being mortgage free is fantastic! Hope it doesn't take you too long.:)	Roscoe (6288)
1216151	2011-07-11 22:57:00	Any additional payments you make come off the end - ie the last installments, so if the mortgage had say had 20 years to run at 6% and you cleared $1000, you have just reduced your interest bill by $1200, on the basic reduction plus the additional interest savings that accrue due to now paying an extra $5 each month of the principle . If you have a mortgage the best savings and wealth accumulation plan you can have is reducing your mortgage as quickly as you can afford . Don't let any financial adviser, guru or Life Insurance salesman tell you otherwise . A word of warning on insurance based savings and superannuation schemes - the commissions, which are front end loaded, are considerable and that means that most savings plans do not break even until they have been running at least 10 years . If you conscientiously put money in the bank and don't spend it, then you are ahead compared to giving it to a Life Office to invest, although not necessarily ahead of inflation . Clearing debt on the basis of highest interest debt first is always the best strategy for the average player .	KenESmith (6287)
1216152	2011-07-11 23:15:00	Wise words Ken :)	CliveM (6007)
1216153	2011-07-11 23:27:00	In the first few years when you make mortgage payments you will notice on your statement that your interest payment is quite high. This interest payment will slowly reduce as the amount owed to the bank gets less and will be shown on your bank statement. Obviously making early lump sum payments will reduce the amount you pay in interest as well as reducing the amount you owe the bank.	Bobh (5192)
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