Converting Mortgage from Monthly to Semi-monthly

I have recently changed my mortgage from monthly payments to semi-monthly 
(2nd and 15th of the month). What is the best way to set that up in Money 
2007, or is it not even possible? All interest is still based off on the due 
date (the 2nd), so in reality, the payment on the 15th of the month prior to 
the due date and the payment on the 2nd, which is the due date, constitute a 
payment in full. Should I just create a dummy account to put the withdrawl 
totals into on the 15th and the 2nd and then make the Mortgage payment from 
the dummy account?

Thanks,
Merg

-- 
Today's problems don't worry me,
I haven't solved yesterday's yet.



0
The
11/30/2009 5:53:02 PM
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In microsoft.public.money, The Merg wrote:

>I have recently changed my mortgage from monthly payments to semi-monthly 
>(2nd and 15th of the month). What is the best way to set that up in Money 
>2007, or is it not even possible? All interest is still based off on the due 
>date (the 2nd), so in reality, the payment on the 15th of the month prior to 
>the due date and the payment on the 2nd, which is the due date, constitute a 
>payment in full. Should I just create a dummy account to put the withdrawl 
>totals into on the 15th and the 2nd and then make the Mortgage payment from 
>the dummy account?

That last one might represent what is really happening if the bank
did not actually change your mortgage. That would also let you
assess whether it was a good move.

If the bank changed your mortgage, you could treat it as a refi.
0
Cal
11/30/2009 8:27:06 PM

"The Merg" wrote:

> I have recently changed my mortgage from monthly payments to semi-monthly 
> (2nd and 15th of the month). What is the best way to set that up in Money 
> 2007, or is it not even possible? All interest is still based off on the due 
> date (the 2nd), so in reality, the payment on the 15th of the month prior to 
> the due date and the payment on the 2nd, which is the due date, constitute a 
> payment in full. Should I just create a dummy account to put the withdrawl 
> totals into on the 15th and the 2nd and then make the Mortgage payment from 
> the dummy account?
> 
> Thanks,
> Merg
> 
> -- 
> Today's problems don't worry me,
> I haven't solved yesterday's yet.
> 
> 
> 
> .
> Independent of how you set it up in Money I think you should recheck with your bank re interest. It is unreasonable that they don't credit your principal and succeeding interest on a daily basisbased on the current principal value. By converting to semi monthly you should get the savings and reduce your loan quicker.
0
Utf
12/5/2009 7:57:02 PM
I specfically checked with the mortgage company. They offer the semi-monthly 
payment program as a benefit to their customers so that they don't need to 
make such a large withdrawl at once. However, interest on the mortgage is 
not affected until the monthly payment is paid in full. However, if I 
switched to bi-weekly, the payment I make is credited at that time and while 
helping to reduce interest, it also means you make an extra two principal 
payments a year.

- Merg
-- 
Today's problems don't worry me,
I haven't solved yesterday's yet.


"DeepDiver" <DeepDiver@discussions.microsoft.com> wrote in message 
news:6B77E595-E425-4BFD-A18A-2F1A2D1632AA@microsoft.com...
>
>
> "The Merg" wrote:
>
>> I have recently changed my mortgage from monthly payments to semi-monthly
>> (2nd and 15th of the month). What is the best way to set that up in Money
>> 2007, or is it not even possible? All interest is still based off on the 
>> due
>> date (the 2nd), so in reality, the payment on the 15th of the month prior 
>> to
>> the due date and the payment on the 2nd, which is the due date, 
>> constitute a
>> payment in full. Should I just create a dummy account to put the 
>> withdrawl
>> totals into on the 15th and the 2nd and then make the Mortgage payment 
>> from
>> the dummy account?
>>
>> Thanks,
>> Merg
>>
>> -- 
>> Today's problems don't worry me,
>> I haven't solved yesterday's yet.
>>
>>
>>
>> .
>> Independent of how you set it up in Money I think you should recheck with 
>> your bank re interest. It is unreasonable that they don't credit your 
>> principal and succeeding interest on a daily basisbased on the current 
>> principal value. By converting to semi monthly you should get the savings 
>> and reduce your loan quicker. 


0
The
12/6/2009 8:24:40 PM
Reply:

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