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Updated over 9 years ago on . Most recent reply

Vik Ari's profile image
Vik Ari's profile image
Vik Ari
  • from Edison, NJ
  • Member since Feb 3, 2008
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75
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2
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Vik Ari's profile image
Vik Ari's profile image
Vik Ari
  • from Edison, NJ
  • Member since Feb 3, 2008
Connect
Vik Ari
  • Edison, NJ
2
Votes |
75
Posts
General Real Estate Investing

Making extra mortgage principal

Vik Ari
  • Edison, NJ
Posted

How does making an extra say $1000 towards mortgage principal affect the mortgage? For example if I pay an extra $1000 on the 15th, would that reduce the amount of interest I pay next month since my mortgage balance is reduced by $1000? Do I just look at the amort schedule to see what the effect it?

Pls advise thanks

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