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Hi All,
Colgate Palmolive is hiring across IT.
> SAP Professionals
> Data Scientists
> Data Engineers
> Full Stack
> Security
....
Kindly go through the link :
jobs.colgate.com/search/?createNewAlert=false&q=&locationsearch=india
If you find any job that interests you, feel free to Message here and i can refer you.
Key Perks :
> Best in class work life balance
> WFH option depending on your role
> Good Incentives and pay.
Job Location : Mumbai
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Any payments you make outside of your monthly payments should go entirely to principal. We pay $5700 monthly and right now only about $600 goes to principal. But anything we put in on top of the $5700 goes entirely to principal.
Over time as you pay down more of your loan, more of the monthly payment will go to principal. For us, it looks like every $15k of principal that we pay off will allow another $100 from each monthly payment to go to principal.
It sounds to me both you and the bank are following the same influencer on tiktok 🤣🤣🤣
Banks are in the business of making money from money. What did you expect?
You'll have to call your lender to see if they allow bi-weekly or twice per month payments. Some financial institutions require that you enroll in this feature, some charge a small fee. And others will allow you to do so manually.
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Most banks will not accept a partial payment and interest is typically calculated as if the payment is made on the due date, not based in the date it’s actually made. Even if what you did worked, you would only save 2 weeks interest per month on the amount of that partial payment. Let’s say that partial payment was $2500 and your loan is at 7.5%. That will save you $87.5/year in interest.
The only reason that the whole idea of making a payment every two weeks save money long term is that there are 52 weeks in a year so it you make a payment every 2 weeks you make 26 half payments. Since this is more than the 12 full payments you would make with monthly payments, those 2 extra partial payments go to principle. You would end up in the same place by taking your monthly payment, dividing by 12 and adding that much extra to each monthly payment.
Depends on your mortgage terms. I've seen both. Read it and you'll find a clause stating they do not apply partial payments to the balance.
People usually pay attention to the apr only when picking a lender. Other terms can make a difference too.
So what you can do is to create your own personal fund in an interest bearing account for the extra payments and submit them only when they reach the full payment amount. Don't let them profit from your money in a "suspense" account without sharing any benefits with you.
I thought if the payments were current, the additional payment was specified as a payment towards the principal, that it had to be applied as specified.