LurdMcTurdIII t1_j6ojszg wrote
Reply to comment by Werewolfdad in Does making half of a mortgage payment every 2 weeks pay off the mortgage years sooner than making a full payment every month? by throwinggushers
It's not just an additional payment, it all goes toward principle. Your normal mortgage payment is predominantly interest, especially early on.
BaronCapdeville t1_j6oky95 wrote
It only goes toward principal if you call and confirm the process for applying payments to principal with your mortgage servicer.
Simply making an extra payment is not a guarantee of paying down principal. Loan verbiage and loan servicer practices vary greatly across the country.
LurdMcTurdIII t1_j6ol5yh wrote
You're right, I do have to specify.
BaronCapdeville t1_j6olzim wrote
Just pointing that out because my folks paid in for a decade and all of it went towards prepaying their payments, none of it counted any extra toward their principal.
No disrespect.
Werewolfdad t1_j6okpk8 wrote
Yeah, its not different than making an additional principal payment
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