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Old 09-07-2012, 01:30 PM   #1
connie254
Disney fanatic
 
Join Date: Nov 2000
Posts: 436

Want to figure amortization using 2 things...

HOW?

I have a biweekly mortgage, and I have mortgage amount plus $80 taken out. This is a cushion in case property taxes or insurance goes up so I don't have to fiddle with monthly amount. And twice a year I have an extra half payment added in. So how can I figure out what to put in the amortization calculator to figure out when it will be paid off? Assuming the taxes and insurance stays the same(I know it wpn't but one less calculation to figure).
__________________


I've eaten at 112 out of 238 restaurants at Walt Disney World (47%)
I've eaten at 60 out of 85 quick service/counter service restaurants at Walt Disney World (71%)
I've eaten at 31 out of 70 table-service restaurants at Walt Disney World (44%)
I've eaten at 3 out of 18 signature restaurants at Walt Disney World (17%)
I've eaten at 0 out of 3 dinner show restaurants at Walt Disney World (0%)




Here's my list!

THEME PARKS
  • ANIMAL KINGDOM PARK
    • Flame Tree BBQ
    • Pizzafari
    • Rainforest Cafe
    • Restaurantosaurus
    • Tusker House
    • Yak & Yeti Counter Service
    • Yak & Yeti

  • Disney's Hollywood Studios
    • '50s Prime Time Cafe
    • ABC Commissary
    • Backlot Express
    • Brown Derby
    • Catalina Eddie's
    • Fairfax Fare
    • Hollywood & Vine
    • Mama Melrose's
    • Min & Bill's Dockside Diner
    • Rosie's All-American Cafe
    • Sci-Fi Dine-In
    • Starring Rolls Cafe
    • Studio Catering Company
    • Toluca Legs Turkey Company
    • Toy Story Pizza Planet

  • Epcot
    • Coral Reef (Living Seas)
    • Electric Umbrella
    • Fountainview (Starbucks)
    • Garden Grill (The Land)
    • Sunshine Seasons (The Land)
    • Akershus Royal Banquet Hall (Norway)
    • Biergarten (Germany)
    • Boulangerie Patisserie (France)
    • Chefs de France (France)
    • Fife & Drum (American Adventure)
    • Illuminations Sparkling Dessert Party
    • Katsura Grill (Japan)
    • Kringla Bakeri og Cafe (Norway)
    • La Cantina de San Angel (Mexico)
    • La Hacienda de San Angel (Mexico)
    • Le Cellier (Canada)
    • Liberty Inn (American Adventure)
    • Lotus Blossom Cafe (China)
    • Monsieur Paul (France)
    • Nine Dragons (China)
    • Restaurant Marrakesh (Morocco)
    • Rose and Crown (United Kingdom)
    • San Angel Inn (Mexico)
    • Sommerfest (Germany)
    • Spice Road (Morocco)
    • Tangierine Cafe (Morocco)
    • Teppan Edo (Japan)
    • Tokyo Dining (Japan)
    • Tutto Gusto Wine Cellar (Italy)
    • Tutto Italia (Italy)
    • Via Napoli (Italy)
    • Yorkshire County Fish Shop (United Kingdom)

  • Epcot Food & Wine Festival
    • Argentina
    • Australia
    • Belgium
    • Brewer's Collection
    • Canada
    • Caribbean Islands
    • Cheese
    • China
    • Craft Beers
    • Desserts & Champagne
    • Florida
    • France
    • Germany
    • Greece
    • Hawaii
    • Hops & Barley
    • Ireland
    • Italy
    • Japan
    • Mexico
    • Morocco
    • New Zealand
    • Poland
    • Party for the Senses
    • Scandinavia
    • Singapore
    • South Africa
    • South Korea
    • Terra

  • Epcot Food & Garden Festival
    • Buttercup Cottage
    • Fleur De lys
    • Florida Fresh
    • Hanami
    • Intermissions Cafe
    • Jardin De Fiestas
    • Lotus House
    • Pineapple Promenade
    • Primavera Kitchen
    • The Smokehouse
    • Taste of Marrakesh
    • Urban Farm Eats

  • Magic Kingdom
    • Be Our Guest Lunch (Fantasyland)
    • Be Our Guest Dinner (Fantasyland)
    • Casey's Corner (Main Street USA)
    • Cinderella's Royal Table (Fantasyland)
    • Columbia Harbour House (Liberty Square)
    • Cosmic Ray's (Tomorrowland)
    • The Crystal Palace (Adventureland)
    • Diamond Horseshoe Review (Frontierland)
    • The Friar's Nook (Fantasyland)
    • Gaston's Tavern (Fantasyland)
    • Golden Oak Outpost (Frontierland)
    • Liberty Tree Tavern (Liberty Square)
    • The Lunching Pad (Tomorrowland)
    • Main Street Bakery (Starbucks)
    • Pecos Bill's (Frontierland)
    • Pinnochio Village Haus (Fantasyland)
    • The Plaza Restaurant (Main Street USA)
    • Sleepy Hollow
    • Tomorrowland Terrace (Tomorrowland)
    • Tomorrowland Terrace Wishes Dessert Party (Tomorrowland)
    • Tony's Town Square (Main Street USA)
    • Tortuga Tavern (Adventureland)
    • Frontierland Turkey Leg Cart
Water Parks
  • Blizzard Beach
    • Avalunch
    • The Cooling Hut
    • Lottawatta Lodge
    • The Warming Hut

  • Typhoon Lagoon
    • Leaning Palms
    • Lowtide Lou's
    • Surf Doggies
    • Typhoon Tilly's
Downtown Disney
  • Marketplace
    • babycakesNYC
    • Bodie's All American
    • Earl of Sandwich
    • Fulton's Crab House
    • Ghirardelli's
    • Marketplace Snacks
    • Pollo Campero
    • Rainforest Cafe
    • T-Rex
    • Wolfgang Puck Express

  • Pleasure Island
    • Cooke's of Dublin
    • Paradiso 37
    • Planet Hollywood
    • Portobello
    • Raglan Road

  • West Side
    • AMC 24 Pleasure Island Dining
    • Bongo's Cuban Cafe
    • Crossroads at House of Blues
    • Crossroads at House of Blues Sunday Brunch
    • Foodquest
    • Splitsville
    • Smokehouse at House of Blues
    • Wolfgang Puck Grand Cafe
    • The Dining Room at Wolfgang Puck Grand Cafe
    • Wolfgang Puck Express

  • West Side Food Trucks
    • Fantasy Fare truck
    • Namaste Cafe truck
    • Superstar Catering truck
    • World Showcase of Flavors truck
Wide World of Sports
    • ESPN Grill
Resorts
  • All Star Movies
    • World Premiere

  • All Star Music
    • Intermission

  • All Star Sports
    • End Zone

  • Animal Kingdom Lodge
    • Boma Flavors of Africa
    • Jiko – The Cooking Place
    • The Mara
    • Sanaa

  • Art of Animation
    • Landscapes of Flavors

  • Beach Club
    • Beach Club Marketplace
    • Beaches and Cream
    • Cape May Cafe
    • Hurricane Hanna's

  • Boardwalk
    • Big River Grille & Brewing Works
    • Boardwalk Bakery
    • Boardwalk Pizza Window
    • ESPN Club
    • Flying Fish
    • Kouzzina

  • Caribbean Beach
    • Old Port Royale
    • Shutters

  • Contemporary
    • California Grill
    • Chef Mickey's
    • Contempo Cafe
    • The Wave
    • Top of the World Lounge

  • Coronado Springs
    • Cafe Rix
    • Laguna Bar
    • Maya Grill
    • Pepper Market
    • Siesta's

  • Walt Disney World Dolphin
    • Cabana Bar and Beach Club
    • The Fountain
    • Fresh Mediterranean Market
    • Picabu Buffeteria
    • Shula's Steakhouse
    • Todd English's bluezoo

  • Fort Wilderness
    • Crockett's Tavern
    • Hoop Dee Doo Musical Review
    • Meadows Snack Bar
    • Mickey's Backyard BBQ
    • Trail's End Restaurant

  • Grand Floridian Resort and Spa
    • 1900 Park Fare
    • Citrico's
    • Garden View Lounge Afternoon Tea
    • Gasparilla Island Grill
    • Grand Floridian Cafe
    • Mizner's Lounge
    • My Disney Girl's Perfectly Princess Tea
    • Narcoossee's
    • Pool Bar
    • Victoria and Albert's

  • Old Key West
    • Goods to Go
    • Olivia's
    • Turtle Shack

  • Polynesian
    • Captain Cook's Snack Company
    • Kona Cafe
    • Kona Island Sushi Counter
    • 'Ohana
    • Spirit of Aloha Polynesian Luau
    • TambuLounge

  • Pop Century
    • Everything Pop

  • Port Orleans
    • Boatwright's
    • Riverside Mill Food Court
    • Sassagoula Flotworks & Food Factory

  • Saratoga Springs
    • Artist's Palette
    • Grandstand Pool Bar
    • Paddock Pool Grill
    • Turf Club

  • Walt Disney World Swan
    • Garden Grove Cafe
    • Il Mulino New York Trattoria
    • Kimonos Sushi Bar
    • Splash Grill

  • Wilderness Lodge
    • Artist Point
    • Roaring Fork
    • Territory Lounge
    • Whispering Canyon

  • Yacht Club
    • Captain's Grille
    • Crew's Cup Lounge
    • Yachtsman Steakhouse
The DVC/Timeshare Advantage
    • Cooked a quick in-room meal
    • Cooked a full sit-down meal in the villa
    • Cooked a meal using a resort BBQ grill
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Old 09-07-2012, 01:41 PM   #2
RitaE
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Join Date: May 2008
Posts: 5,033

When you figure your mortgage pay-off escrow items (taxes, insurance and that extra cushion you are trying to build) do not alter the payoff of the mortgage. You want to look only at your amount that is being applied to the debt and put that in as your payment.

So what you need to know is

Mortgage Balance
Debt Payment (and then you can compute a half payment)
Interest Rate

What months you make those extra payments will alter your results some but not drastically. Some people do it every 6 months, some get paid higher amounts during different times of the year and do it then .... but it won't make a huge difference to play around with the timing.

If you web search "bi-weekly mortgage with extra payments calculator" you should find several online tools that can do the calculation for you.
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Old 09-07-2012, 01:42 PM   #3
Weluvdisny
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We're all CRAZY for Disney!!
 
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Join Date: Mar 2004
Location: Central NY
Posts: 2,981

I'm confused about the $80 extra payment. It either will be applied toward principal, which doesn't help your escrow balance for taxes. Or it gets added to your escrow balance, and working for a bank, we are not allowed to hold over a certain percentage over what the actual taxes are, in a customer's account. Your amoritization schedule should be based on principal and interest payment only, not escrow. If you add escrow, it will calculate it as if you are putting your escrow payment on principal and it your payoff date will be much sooner than you think.
__________________
2/00 - ASMo & Villas @ DI, 1/03 & 1/06 - POR, 1/08 - POP & BWV, 11/08 - SSR, 1/10, 1/11, 1/12, 10/13 & 1/15-BWV, 8/12 AKV, 1/13 & 3/14 - CSR

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Old 09-07-2012, 02:32 PM   #4
connie254
Disney fanatic
 
Join Date: Nov 2000
Posts: 436

The extra 80 is added to the principal. But once a year, the monthly mortgage gets readjusted for increase/decrease in taxes/insurance so that 80 is there so I have a cushion on that potentially increased amount and so I don't have to readjust the monthly amount, and so the principal gets a slight chunk knocked off it each month.

For example, just to say the mortgage due is 900 PITI. I pay 490 every two weeks. Next year taxes go up slightly and 920 is what is due, so I still pay 980, but only 60 gets added to the principal. Another year, the insurance drops and 910 is now due. I don't readjust my budget, and 70 gets added to the principal. The mortgage company understands it. Those aren't my numbers just trying to make it make more sense.
__________________


I've eaten at 112 out of 238 restaurants at Walt Disney World (47%)
I've eaten at 60 out of 85 quick service/counter service restaurants at Walt Disney World (71%)
I've eaten at 31 out of 70 table-service restaurants at Walt Disney World (44%)
I've eaten at 3 out of 18 signature restaurants at Walt Disney World (17%)
I've eaten at 0 out of 3 dinner show restaurants at Walt Disney World (0%)




Here's my list!

THEME PARKS
  • ANIMAL KINGDOM PARK
    • Flame Tree BBQ
    • Pizzafari
    • Rainforest Cafe
    • Restaurantosaurus
    • Tusker House
    • Yak & Yeti Counter Service
    • Yak & Yeti

  • Disney's Hollywood Studios
    • '50s Prime Time Cafe
    • ABC Commissary
    • Backlot Express
    • Brown Derby
    • Catalina Eddie's
    • Fairfax Fare
    • Hollywood & Vine
    • Mama Melrose's
    • Min & Bill's Dockside Diner
    • Rosie's All-American Cafe
    • Sci-Fi Dine-In
    • Starring Rolls Cafe
    • Studio Catering Company
    • Toluca Legs Turkey Company
    • Toy Story Pizza Planet

  • Epcot
    • Coral Reef (Living Seas)
    • Electric Umbrella
    • Fountainview (Starbucks)
    • Garden Grill (The Land)
    • Sunshine Seasons (The Land)
    • Akershus Royal Banquet Hall (Norway)
    • Biergarten (Germany)
    • Boulangerie Patisserie (France)
    • Chefs de France (France)
    • Fife & Drum (American Adventure)
    • Illuminations Sparkling Dessert Party
    • Katsura Grill (Japan)
    • Kringla Bakeri og Cafe (Norway)
    • La Cantina de San Angel (Mexico)
    • La Hacienda de San Angel (Mexico)
    • Le Cellier (Canada)
    • Liberty Inn (American Adventure)
    • Lotus Blossom Cafe (China)
    • Monsieur Paul (France)
    • Nine Dragons (China)
    • Restaurant Marrakesh (Morocco)
    • Rose and Crown (United Kingdom)
    • San Angel Inn (Mexico)
    • Sommerfest (Germany)
    • Spice Road (Morocco)
    • Tangierine Cafe (Morocco)
    • Teppan Edo (Japan)
    • Tokyo Dining (Japan)
    • Tutto Gusto Wine Cellar (Italy)
    • Tutto Italia (Italy)
    • Via Napoli (Italy)
    • Yorkshire County Fish Shop (United Kingdom)

  • Epcot Food & Wine Festival
    • Argentina
    • Australia
    • Belgium
    • Brewer's Collection
    • Canada
    • Caribbean Islands
    • Cheese
    • China
    • Craft Beers
    • Desserts & Champagne
    • Florida
    • France
    • Germany
    • Greece
    • Hawaii
    • Hops & Barley
    • Ireland
    • Italy
    • Japan
    • Mexico
    • Morocco
    • New Zealand
    • Poland
    • Party for the Senses
    • Scandinavia
    • Singapore
    • South Africa
    • South Korea
    • Terra

  • Epcot Food & Garden Festival
    • Buttercup Cottage
    • Fleur De lys
    • Florida Fresh
    • Hanami
    • Intermissions Cafe
    • Jardin De Fiestas
    • Lotus House
    • Pineapple Promenade
    • Primavera Kitchen
    • The Smokehouse
    • Taste of Marrakesh
    • Urban Farm Eats

  • Magic Kingdom
    • Be Our Guest Lunch (Fantasyland)
    • Be Our Guest Dinner (Fantasyland)
    • Casey's Corner (Main Street USA)
    • Cinderella's Royal Table (Fantasyland)
    • Columbia Harbour House (Liberty Square)
    • Cosmic Ray's (Tomorrowland)
    • The Crystal Palace (Adventureland)
    • Diamond Horseshoe Review (Frontierland)
    • The Friar's Nook (Fantasyland)
    • Gaston's Tavern (Fantasyland)
    • Golden Oak Outpost (Frontierland)
    • Liberty Tree Tavern (Liberty Square)
    • The Lunching Pad (Tomorrowland)
    • Main Street Bakery (Starbucks)
    • Pecos Bill's (Frontierland)
    • Pinnochio Village Haus (Fantasyland)
    • The Plaza Restaurant (Main Street USA)
    • Sleepy Hollow
    • Tomorrowland Terrace (Tomorrowland)
    • Tomorrowland Terrace Wishes Dessert Party (Tomorrowland)
    • Tony's Town Square (Main Street USA)
    • Tortuga Tavern (Adventureland)
    • Frontierland Turkey Leg Cart
Water Parks
  • Blizzard Beach
    • Avalunch
    • The Cooling Hut
    • Lottawatta Lodge
    • The Warming Hut

  • Typhoon Lagoon
    • Leaning Palms
    • Lowtide Lou's
    • Surf Doggies
    • Typhoon Tilly's
Downtown Disney
  • Marketplace
    • babycakesNYC
    • Bodie's All American
    • Earl of Sandwich
    • Fulton's Crab House
    • Ghirardelli's
    • Marketplace Snacks
    • Pollo Campero
    • Rainforest Cafe
    • T-Rex
    • Wolfgang Puck Express

  • Pleasure Island
    • Cooke's of Dublin
    • Paradiso 37
    • Planet Hollywood
    • Portobello
    • Raglan Road

  • West Side
    • AMC 24 Pleasure Island Dining
    • Bongo's Cuban Cafe
    • Crossroads at House of Blues
    • Crossroads at House of Blues Sunday Brunch
    • Foodquest
    • Splitsville
    • Smokehouse at House of Blues
    • Wolfgang Puck Grand Cafe
    • The Dining Room at Wolfgang Puck Grand Cafe
    • Wolfgang Puck Express

  • West Side Food Trucks
    • Fantasy Fare truck
    • Namaste Cafe truck
    • Superstar Catering truck
    • World Showcase of Flavors truck
Wide World of Sports
    • ESPN Grill
Resorts
  • All Star Movies
    • World Premiere

  • All Star Music
    • Intermission

  • All Star Sports
    • End Zone

  • Animal Kingdom Lodge
    • Boma Flavors of Africa
    • Jiko – The Cooking Place
    • The Mara
    • Sanaa

  • Art of Animation
    • Landscapes of Flavors

  • Beach Club
    • Beach Club Marketplace
    • Beaches and Cream
    • Cape May Cafe
    • Hurricane Hanna's

  • Boardwalk
    • Big River Grille & Brewing Works
    • Boardwalk Bakery
    • Boardwalk Pizza Window
    • ESPN Club
    • Flying Fish
    • Kouzzina

  • Caribbean Beach
    • Old Port Royale
    • Shutters

  • Contemporary
    • California Grill
    • Chef Mickey's
    • Contempo Cafe
    • The Wave
    • Top of the World Lounge

  • Coronado Springs
    • Cafe Rix
    • Laguna Bar
    • Maya Grill
    • Pepper Market
    • Siesta's

  • Walt Disney World Dolphin
    • Cabana Bar and Beach Club
    • The Fountain
    • Fresh Mediterranean Market
    • Picabu Buffeteria
    • Shula's Steakhouse
    • Todd English's bluezoo

  • Fort Wilderness
    • Crockett's Tavern
    • Hoop Dee Doo Musical Review
    • Meadows Snack Bar
    • Mickey's Backyard BBQ
    • Trail's End Restaurant

  • Grand Floridian Resort and Spa
    • 1900 Park Fare
    • Citrico's
    • Garden View Lounge Afternoon Tea
    • Gasparilla Island Grill
    • Grand Floridian Cafe
    • Mizner's Lounge
    • My Disney Girl's Perfectly Princess Tea
    • Narcoossee's
    • Pool Bar
    • Victoria and Albert's

  • Old Key West
    • Goods to Go
    • Olivia's
    • Turtle Shack

  • Polynesian
    • Captain Cook's Snack Company
    • Kona Cafe
    • Kona Island Sushi Counter
    • 'Ohana
    • Spirit of Aloha Polynesian Luau
    • TambuLounge

  • Pop Century
    • Everything Pop

  • Port Orleans
    • Boatwright's
    • Riverside Mill Food Court
    • Sassagoula Flotworks & Food Factory

  • Saratoga Springs
    • Artist's Palette
    • Grandstand Pool Bar
    • Paddock Pool Grill
    • Turf Club

  • Walt Disney World Swan
    • Garden Grove Cafe
    • Il Mulino New York Trattoria
    • Kimonos Sushi Bar
    • Splash Grill

  • Wilderness Lodge
    • Artist Point
    • Roaring Fork
    • Territory Lounge
    • Whispering Canyon

  • Yacht Club
    • Captain's Grille
    • Crew's Cup Lounge
    • Yachtsman Steakhouse
The DVC/Timeshare Advantage
    • Cooked a quick in-room meal
    • Cooked a full sit-down meal in the villa
    • Cooked a meal using a resort BBQ grill
connie254 is offline   Reply With Quote
Old 09-07-2012, 02:36 PM   #5
Anthony1971
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Join Date: Mar 2005
Location: 1092.49 miles from home
Posts: 1,755

It is simple look up the formula for an annuity due... with that said it is long but that is what it is.
You do have a few problems however A bi-weekly mortgage is in general done by an outside firm that charges a fee look closely at your agreement.
you need to take an paymnets for escrow -- taxes insurance etc.
or you can do it the simple way and call you bank or the agent who is handeling the biweekly payements and they can tell you... if you use the bank make sure you find out and deduct the biweekly fee.
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Old 09-07-2012, 03:16 PM   #6
Weluvdisny
I'm alot calmer than I thought I would be
We're all CRAZY for Disney!!
 
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Join Date: Mar 2004
Location: Central NY
Posts: 2,981

Quote:
Originally Posted by connie254 View Post
The extra 80 is added to the principal. But once a year, the monthly mortgage gets readjusted for increase/decrease in taxes/insurance so that 80 is there so I have a cushion on that potentially increased amount and so I don't have to readjust the monthly amount, and so the principal gets a slight chunk knocked off it each month.

For example, just to say the mortgage due is 900 PITI. I pay 490 every two weeks. Next year taxes go up slightly and 920 is what is due, so I still pay 980, but only 60 gets added to the principal. Another year, the insurance drops and 910 is now due. I don't readjust my budget, and 70 gets added to the principal. The mortgage company understands it. Those aren't my numbers just trying to make it make more sense.
Ok, I understand now. The amoritization schedule would have to be based on just your p&i without the extra $ added because it varies every year. If you print it out, then as you make the bi-weekly payment, reduce the balance on your own so you can keep track.
__________________
2/00 - ASMo & Villas @ DI, 1/03 & 1/06 - POR, 1/08 - POP & BWV, 11/08 - SSR, 1/10, 1/11, 1/12, 10/13 & 1/15-BWV, 8/12 AKV, 1/13 & 3/14 - CSR

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