Home inspections by a Certified Home Inspector who provides New Jersey home inspections and home inspector education & New Jersey home inspection training to others.

This is similar to prepaying on a mortgage (making additional payments to be applied to the principal). To make it easier to budget, what you do is take your monthly payment amount and divide it in half. Then you make that half payment on a bi-weekly basis (every other week). In effect, what you are doing is making one additional payment each year. But instead of coming up with the money at one time, you are doing it with a small amount each payment. Like the prepayment plan, the extra amount goes directly against the principal, your mortgage is paid off sooner, and the amount of interest that you end up paying is a lot less.

This screen is divided into two sections. Complete the top section first and click on Calculate. Then complete the lower section and click on Calculate. Along with your regular payment amount in the lower section, a suggested payment amount will be displayed.

The additional payment amount that you select will depend on your bank or mortgage company. Check with them to see if they allow this type of payment plan.

See the help screens for the individual fields by clicking on the underlined key words (links).

Accurate Inspections, Inc.
Michael Del Greco, President
New Jersey Home Inspector License # GI0121
American Society of Home Inspectors Member #102273

(973) 812-5100 - Your call will always be answered by a trained professional

accurateinspections.com   

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This file was last updated on Saturday, 29-Dec-2007 18:28:15 EST * Copyright © 2008 All rights reserved by: Accurate Inspections, Inc. A New Jersey home inspection firm providing New Jersey Certified Home Inspections in NJ, by New Jersey Licensed home inspectors. Inspector of record Michael Del Greco, New Jersey Home Inspector License GI 0121.

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