How to Pay One Extra Mortgage Payment a Year
- 1). Decide how you would prefer to make the extra payment. You can pay in one lump sum, divide the total in half to make two payments, or divide the total by 12 and pay a portion each month to total one extra payment.
- 2). Add the extra amount to your regular mortgage payment amount, double-checking your addition to avoid costly errors.
- 3). Write the mortgage payment check for the total amount. On the payment coupon write: "Please apply extra balance to principal."
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