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hawkcc

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Should I divide my mortgage & make 2 payments each month?

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Top Contributor
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Check with mortgage holder.

If it works with your mortgage holder, do it.  You want to be certain you don't end up getting a late payment notice on your credit report.  If possible, make each payment even just $5/payment more than required for a more rapid pay-off of the mortgage, which will also save on total interest paid.

Hope this will be doable for you.

Top Contributor
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If you're saying you want to split the monthly amount into two payments, then yes, you can do this. Just communicate what you're doing with the lender and make sure both payments fall before the monthly due date.

If you're talking about making double payments every month (so twice the amount due), then go for it. Just make sure there are no penalties for repaying early and indicate that the second payment is to go against the principle.

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