![]() We will use the same basic layout and numbers here. If you haven’t yet read the previous tutorial, I suggest that you do it now. Don’t ask them, just do it and see what happens. In fact, I have refinanced my mortgage several times over the years and every mortgage servicer has done this. I have done this for years, and the mortgage statement always shows the extra principal payment even though I have done nothing more than pay extra – there is no need for a separate check or the mortgage company’s approval. Their software will automatically apply any extra amount to the remaining principal. ![]() ![]() They will often try to get you to sign up and pay for a program that allows you to pay extra principal, but this is not necessary. In this tutorial we will add this feature.īefore we get started let me mention one important thing: You can almost always (actually as far as I know it is always) just go ahead and add more money to the check that you send to the mortgage servicing company. ![]() In the original amortization schedule tutorial I left out a feature that is of interest to a lot of people: adding extra principal payments in order to pay off the loan earlier than the loan contract calls for. Are you a student? Did you know that Amazon is offering 6 months of Amazon Prime - free two-day shipping, free movies, and other benefits - to students? Click here to learn more ![]()
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