Early mortgage payment

[y26]

Good day everyone.

I'm looking for clarification something. Is there any benefit to paying your mortgage every month a week or 2 before its due date???

I guess any benefit in more money going to the principle..

[sweeps]

There is a difference between prepaying and paying extra towards principal.

Prepaying simply means you can pay less on future payments. Paying down principal lowers your total interest you will pay over the life of the mortgage. You often need to specify which one you're doing to the mortgage company when you send in your payment.

[Knows Money]

Benefit to paying before its due . . . none that I know of. The due date is just a date that afterwards, they are allowed to charges extra fees. You're paying on time if you pay a week before the due date.

If you want to pay more towards your principal, let the mortgage company know what you want the money to go to. But DO NOT, I repeat, DO NOT allow them to swindle you into paying a fee to pay bi-weekly. We see that you already have the discipline to do it, don't allow them to make more money off you. You may have a month where you can't pay twice and have an unexpected expense. You don't want them expecting that payment. You can also save on your mortgage by making an extra payment a year.