Mortgage Payment Advice

[Mary K.]

Hello,

First time posting here. I have enough money to prepay my mortgage payment for the next 6-12 months and am wondering if it would cut any time off my 30 year mortgage. To be clear, I don't mean throwing a large sum of money at the principal and continuing to make payments for the same period, rather, I'd be making my regular payments early so I don't have a mortgage bill for the next 6-12 months.

[Eric Black]

Hi Mary,

I am not aware of any banks that will allow you to pre-pay your mortgage for x number of months so that you don't have a payment during that time, but maybe I am wrong. If, by chance, your bank will allow it then it will still most likely not cut too much off of your payoff time frame. If you can pre-pay 6 months of mortgage payments then you're paying interest on what your balance would be 6 months from now instead of if you continued paying month to month. Unless you have a very expensive house I couldn't see it saving you more than a couple thousand dollars over the life of the loan, so it may shave a few months off.

Cheers!

Eric