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House payment question
Posted on 4/22/25 at 4:11 pm
Posted on 4/22/25 at 4:11 pm
If we pay any amount over our payment via check can we designated the extra to go towards principle or
Do we need to write a house payment check and a seperate check and allocate that check to principle?
Do we need to write a house payment check and a seperate check and allocate that check to principle?
This post was edited on 4/22/25 at 4:12 pm
12
Posted on 4/22/25 at 4:17 pm to bleedsgarnet
House #1 there was an option on the payment stub
House #2 I called them and told them in advance
House #2 I called them and told them in advance
Posted on 4/22/25 at 4:17 pm to bleedsgarnet
You do have to declare it but not sure how it works when paying via mail. My mortgage company has a checkbox/field to identify additional principal payments.
Posted on 4/22/25 at 4:58 pm to bleedsgarnet
What else would one be paying? How else would they apply the extra. My wife pays about 400 a month extra, but I dont think she denotes anything.
Posted on 4/22/25 at 5:08 pm to tigerfoot
If you don't specify it to go to principle, bank may apply it as a future monthly payment. A portion will go to principle and the rest to pre pay interest. Essentially treating it as a set aside to pay future months when they come due.
This post was edited on 4/24/25 at 7:04 pm
Posted on 4/22/25 at 5:09 pm to tigerfoot
quote:
What else would one be paying? How else would they apply the extra.
If you don't specify that the xtra be applied to principle. They could apply it to your escrow balance.
Posted on 4/22/25 at 6:22 pm to bleedsgarnet
You write checks?
Posted on 4/22/25 at 7:16 pm to bleedsgarnet
My mortgage agreement states that any amount paid over the payment each month will be applied to the principle. On my pay stub it has three lines. 1) additional principle, 2) additional escrow and 3) total enclosed. I fill out the extra principle line just to make sure that’s where it goes.
Posted on 4/22/25 at 8:09 pm to bleedsgarnet
Set up an online account and it breaks it down.
Posted on 4/22/25 at 9:37 pm to bleedsgarnet
When I pay online, I add an extra 50-100$ per month to principle. Mine you can specify extra payment to principle or escrow.
Posted on 4/23/25 at 1:45 am to VABuckeye
My wife does for this:)
Posted on 4/23/25 at 8:38 am to bleedsgarnet
AI Overview says: "Principal" and "principle" are often confused because they sound alike but have distinct meanings. "Principal" can be a noun (referring to a person in a position of authority, a sum of money, or the perpetrator of a crime) or an adjective (meaning "most important"). "Principle" is always a noun, referring to a fundamental rule, belief, or truth.
I see people mess this up all the time. The best is when they use them interchangeably in the same paragraph.
Principle is a rule; both end in le. Everything else is principal. You can also think of the a in principal as representing an amount of cash.
I see people mess this up all the time. The best is when they use them interchangeably in the same paragraph.
Principle is a rule; both end in le. Everything else is principal. You can also think of the a in principal as representing an amount of cash.
Posted on 4/23/25 at 11:29 am to bleedsgarnet
quote:
via check
Damn Son is this 2025
Get on-line and pay that shite, mine has a line for extra principle payment
Posted on 4/23/25 at 4:43 pm to The Torch
my current stub says on it "overpayment applied to principal"
This post was edited on 4/23/25 at 4:44 pm
Posted on 4/23/25 at 4:55 pm to bleedsgarnet
Yes, you can designate anything additional on the one check.
This post was edited on 4/23/25 at 4:56 pm
Posted on 4/23/25 at 5:00 pm to VABuckeye
quote:
You write checks?
That is really the part that I didnt understand.
With all the mortgage companies I’ve health with anything over the amount due has automatically been applied to principal.
This post was edited on 4/23/25 at 5:03 pm
Posted on 4/24/25 at 10:19 am to bleedsgarnet
Does your monthly statement not come with a payment coupon thing to clip off and return in the envelope with your check? Back when I wrote actual checks, the payment slip had spots to write in how you wanted any additional funds applied...whether to principal, escrow, or future payments...then grand total at the bottom. One check.
I've paid via online or mobile app though for probably 15 years now. Always has an option for additional payment and to select how the additional funds should be applied.
I've paid via online or mobile app though for probably 15 years now. Always has an option for additional payment and to select how the additional funds should be applied.
Posted on 4/24/25 at 1:04 pm to bleedsgarnet
quote:
If we pay any amount over our payment via check can we designated the extra to go towards principle or
Always
quote:
Do we need to write a house payment check and a seperate check and allocate that check to principle?
No
Your mortgage company should have an online form for you to pay your mortgage where you can designate extra for principle.
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