Where every dollar of a mortgage payment goes
Extra payment instructions
In one paragraph
Servicers may apply extra money to future payments instead of principal unless you say otherwise. Mark extra amounts as principal-only, using the servicer's form or online option, and check the next statement to confirm.
Last reviewed against the primary sources listed below.
Steps
- Use the principal-only option.
- Keep a record.
- Confirm on the next statement.
Common questions about interest
How do I make extra payments go to principal?
Mark them principal-only and check the statement.
Can extra payments be applied incorrectly?
Yes; confirm on your statement.