I accidentally made an extra mortgage payment. Does this mean I can wait two months to make another payment?

Call and ask for the balance, Payments must be monthly, Most times an extra payment is divided up kind of funny. Best to ask.. Also I have seen payments go toward interest.. However that never did make sense to me.

You should be able to check your payment history on line, if not your lender is behind the times.

Good luck

Ask your loan officer for a fixed rate mortgage. The loan officer will give you a truth-in-lending statement that will show the cost of your loan over a 30 year period if you are applying for a 30 year loan. (They will show you the cost of a 15 year mortgage if you are applying for that.) Ask them if there are any pre-payment penalties for your loan. The answer you're looking for is "no". Just because the lender shows you the cost of a loan over a 30 year period doesn't mean you have to make it last 30 years. So, when you send in extra money to be applied to "principal only", you will be cutting down your balance owed faster than the 30 years that was alloted to you. Let me give you an example: If you bought a home for $100,000 and you financed it for 30 years, you might be shown a truth in lending statement that would have you paying back a total of $280,000. That's how much interest would be tacked on to your cost of the house. That's a lot of money....but that's a lot of years too!!! So now lets say a week after you close your home loan you win the lottery. So now you want to pay your home off. What will the pay off be? It will be the $100,000 (or approximately). So the sooner you pay off principal balance, the sooner you save all that interest! But when you start making your home loan payments you may not get a coupon so that you can designate where you want your extra payment to be applied. If you don't have a coupon you will need to write an extra check to go with the regular payment. In the memo section of your check write "principal only" for account # blah blah blah. When you make extra principal payments and you turn a 30 year loan into a 15 year loan....you just avoided paying 15 years of interest!

Making extra principal payments is a good thing to do, expecially in the early years of your loan.

The bank will most likely have applied your payment as an extra principal payment, but they may have applied it as an early payment of your next month's payment.

Did you have a coupon attached with the payment specifying what it was?

Extra payments on a standard conventional loan will be applied to the principal balance owed. You are still required to make the next months payment as scheduled. Unless you specifically specify in writing where you want the payment applied, they will automatically apply it to the principal balance

Your extra payment was applied to the principal. Not making a payment next month will be in violation of your note agreement.

Better check with your lender. They may apply the extra payment as (mostly) additional principal, thus paying off your mortgage at a slightly faster rate than planned. That is not necessarily a bad thing, but if it is not what you intended, you better check with them.

Contact the lender. They may apply the second payment to principal leaving you still on the hook for the next payment.

You definately need to check with your lender. Some lenders will apply the extra payment to your balance and you will still owe next months payment, others will credit it to your next month's payment.

Usually extra payments are applied towards the interest, unless you specify otherwise when making the payment. Contact your lender and see if they'll make the adjustment for you.

Check your contract. All loans are different and if you have a redraw facility you could always take it out and pay again next month.