Timeline for Overpaying my mortgage monthly payment
Current License: CC BY-SA 3.0
18 events
| when toggle format | what | by | license | comment | |
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| Jul 15, 2016 at 4:05 | vote | accept | qazwsx | ||
| Jul 10, 2016 at 5:47 | comment | added | keshlam | Even in the US, the bank may offer options of both paying down principal (to reduce cost of the loan) and prepaying future installments ( to avoid penalties if you think you are likely to be late on a future payment). I would suggest either making absolutely sure you know what their default is, or making sure you include a note with each additional payment directing that it be applied to the principal... just to make darned sure nobody gets confused. | |
| Jul 10, 2016 at 3:04 | answer | added | user45011 | timeline score: 1 | |
| Jan 26, 2013 at 22:39 | history | edited | JTP - Apologise to Monica♦ | CC BY-SA 3.0 |
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| Jan 26, 2013 at 22:37 | vote | accept | qazwsx | ||
| Jan 26, 2013 at 22:39 | |||||
| Jan 26, 2013 at 10:03 | history | tweeted | twitter.com/#!/StackFinance/status/295109725568266240 | ||
| Jan 26, 2013 at 2:47 | comment | added | Dheer | I guess we are talking about US. In quite a few Asian countries, there is a option and one has to specify ... there is minimum amount [typically equal to one or three EMI] that needs to be paid towards principal. Also one can pay EMI in advance if one knows he is not able to pay in future due to some reason. The excess is held by the bank and applied on due dates | |
| Jan 25, 2013 at 18:10 | history | edited | JTP - Apologise to Monica♦ | CC BY-SA 3.0 |
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| Jan 25, 2013 at 15:32 | answer | added | JTP - Apologise to Monica♦ | timeline score: 11 | |
| Jan 25, 2013 at 12:25 | answer | added | Vitalik | timeline score: 2 | |
| Jan 25, 2013 at 11:57 | answer | added | Aaron D. Marasco | timeline score: 3 | |
| Jan 25, 2013 at 5:33 | answer | added | Eric Gunnerson | timeline score: -2 | |
| Jan 25, 2013 at 5:29 | comment | added | littleadv | I think they're not allowed to do it now. I have several iterations of mortgages and HELOC, and they all say explicitly that any extra is applied to principle, as long as the payments are made on time. If I'm late - then they don't have to do that. | |
| Jan 25, 2013 at 5:11 | comment | added | MrChrister | @littleadv - I am just remembering, but when I had a coupon book to pay my mortgage, it had a line for "extra to principal" (or something) and a line for total payment. I was under the impression from high school econ that they bank didn't have to apply the extra amount. Things change though... | |
| Jan 25, 2013 at 5:03 | comment | added | littleadv | Delta goes to the principle. To the best of my knowledge, there's no option to even make such a distinction, certainly no reason to make it. | |
| Jan 25, 2013 at 5:01 | comment | added | MrChrister | Don't do that. Specify that all of your extra payment is applied to the principal. | |
| Jan 25, 2013 at 5:01 | review | First posts | |||
| Feb 8, 2013 at 1:55 | |||||
| Jan 25, 2013 at 4:45 | history | asked | qazwsx | CC BY-SA 3.0 |