![]() ![]() Interest The portion of your mortgage payment that is due to the interest rate being applied to the principal balance. Extra Payment Start The number of months from now that you plan to make your first extra payment of principal. For example, borrowers who receive a regular bonus or tax refund may wish to use them to pay down the principal balance of their mortgage. Others may choose to pay extra principal on a quarterly, semi-annual, annual or one-time basis to better match the times when they have more cash available. Some homeowners add an extra payment of principal to their mortgage payment every month. Extra Payment Frequency The frequency is how often you plan on making extra payments of principal. Extra Payment End The number of months from now that you plan to make your last extra payment of principal. You should also check with your mortgage servicer to make sure that extra payments you make do not trigger a prepayment penalty. ![]() Refer to your mortgage documents, including the prepayment penalty rider, if any, to determine if this applies to you. Some loans restrict how fast you can pay off your loan and may even have prepayment penalties. To get the financial benefit of paying down your principal balance early, direct your mortgage servicer to use the extra payment to pay down the mortgage balance immediately rather than giving you a credit towards your next scheduled payment. Mortgage Calculator - Help Extra Payment The amount of additional principal that you plan to add to your mortgage payment. ![]()
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