Mortgage Payments – Round Up or What’s Due?

I used to work at a bank and people would come in everyday and pay exactly what the bank told them to pay  on their mortgage.  “I need to transfer eight hundred fifty-four dollars and eighty-nine cents from checking to my mortgage.”

Why?

Why not transfer $900.00 from checking to your mortgage or write a $1000.00 check instead of a $955.96 check? 

It’s easier to say, easier to write, easier to budget, and easier to pay an extra $528.48 to our mortgage principle every year. Our mortgage payment is $955.96 but I have never ever written a check for $955.96.  Even before we refinanced last year and our mortgage was $1145 we sent in $1200.  I would still be paying $1200 a month if it didn’t kill me (um…kill my budget) and if we knew for sure that we were keeping our house longer than 2 more years.

I challenge everyone who reads this to round-up their mortgage payments. Bonus points if you send in an extra hundred or more.

Please leave comments – I love reading comments 🙂 Do you round-up your payment or do you spell out the dollars and cents you need to pay?

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