Stitch: Bi-weekly Payments Can Save You a TON on your Loan Balance for Cars or Mortgages

FREE STOCKS:

RESOURCES:

MY SOCIALS:

WHO AM I?
Hello 👋 I’m Humphrey, I used to be a financial advisor, worked in gaming/tech, and started my own eCommerce business. I make practical, rational content on investing, personal finance, the news, and much more with a data-backed approach. My goal is to help you with financial literacy and creating wealth.

PS: I am no longer a current Financial Advisor, any investment commentary are my opinions only. Some of the links in this description are affiliate links that I do receive a commission for & they help support the channel!

⏱️ Timestamps:
0:00 - Start Here

[MrTmenzo]

I paid the monthly bill and an additional payment in between to principal balance. Paid my loan off 2 years early 👍

[pooladdict]

This only works if your loan institution does simple interest (each day calculated by current balance) and allows those payments to go towards your payment. My car payment does this but my mortgage partial payments go into a separate fund until I fully fund it each month.

[xiphoid]

This works for every loan that doesn't have a pre-payment penalty (which most don't). Higher the interest rate, the more you save, as you are paying down the principle faster, accruing less interest as the result.

[SureAce]

I do a weekly payment on my mortgage and just by doing that knocked like three years off my loan. Very much recommend.

[rodrigok]

Be forewarned, I did this and they didn’t apply the payments until they received a full payment. So, would hold the money until two half payments were made. So, you are still making that extra payment. Now I just do one payment a month and apply more money towards principal each month

[michelle]

Buying a car with cash, and only buy one you can afford. Simple 😂❤

[luisfernandez]

They only makes sense if you get paid every two weeks. If you get paid twice a month, making payments every two weeks is gonna make your finances somewhat erratic

[catherineyslas]

What about a credit card? What about those who only get paid monthly?

[NickRyanOfficial]

I like this idea and I would do this if I got paid every two weeks. I only get paid twice a month, so the amount would be the same as paying once per month for me.

[rtgbhreth]

Wouldnt it be the same if you just paid double once a month

[rainetravels]

It works if you get paid every two weeks, not if you get paid twice a month. Every two weeks is 26 Payments, but if you only get paid twice a month, then you get paid only 24 times a year.

[pete]

Dude two nose rings and a shaved eyebrow. Red flags.

[RKnVa]

I don’t take advise from people either Bull rings.
Besides this isn’t new information.

[JohnSyzlack]

What neither of you mentioned is that paying your car off early will cause your credit score to significantly drop. I lost 30 points doing that 2 years ago.