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Old 11.09.2019, 21:06
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Mortgage with monthly repayment

I was just thinking that it was a bit inconvenient that my mortgage repayment is quarterly instead of monthly as I have some lumpiness to my bank balance.

Does anyone here pay their mortgage monthly instead of quarterly? I can't remember if I had a choice when I set it up.
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Old 11.09.2019, 21:20
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Re: Mortgage with monthly repayment

Ours is monthly.
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Old 11.09.2019, 21:35
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Re: Mortgage with monthly repayment

Interest on ours is paid monthly, but amortization is quarterly. What we do for ease of budgeting is have a separate account for the house ("Liegenschaftskonto") with the bank that holds our mortgage. We transfer a fixed sum over to that account every month, the bank draws both kinds of payments out of it as they come due and sends us a quarterly statement. Their idea, I got the impression from them that that was a reasonably standard setup.
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Old 12.09.2019, 08:09
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Re: Mortgage with monthly repayment

Ours (ZKB) is twice a year, so we opened an account and paid in monthly - and paid the 6 month mortgage from that...
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Old 12.09.2019, 08:38
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Re: Mortgage with monthly repayment

I guess the payment into a holding account works, although it is somewhat annoying that you effectively lose the interest benefit of your payment for several months until it is picked up.
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Old 12.09.2019, 12:36
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Re: Mortgage with monthly repayment

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I guess the payment into a holding account works, although it is somewhat annoying that you effectively lose the interest benefit of your payment for several months until it is picked up.

I don't think the banks really care, just ask them if you can repay monthly


As for "interest benefit" for a country discussing negative interest rates for all......i do like your optimism !
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Old 12.09.2019, 12:39
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Re: Mortgage with monthly repayment

With amortization monthly it makes a difference
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Old 12.09.2019, 13:24
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Re: Mortgage with monthly repayment

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I don't think the banks really care, just ask them if you can repay monthly


As for "interest benefit" for a country discussing negative interest rates for all......i do like your optimism !
i wish my mortgage interest rate was -ve but sadly not!
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