When you add extra to your mortgage or any other payment

[PrairieRose]

be sure to indicate that you want it applied directly to the principal. You'll still have to pay interest but as long as your whittling away at the principal faster you'll be saving on the amount you pay in the long run. Just thought I should remind everyone of this b/c they don't automatically do this if you don't. They will sometimes apply it to your interest owed (since that's their part ). It makes the note go down more quickly to apply it to principal.

[littlemotherhaywood]

We get a monthly statement and there's a spot for additional principle on the payment slip

[couponchic]

That's a good reminder. I always do this on our payments.

[Laurie in Bradenton]

I love to sit down with the yearly statement and compare my list of extra prinicpal payments to what they show. Always good to check on them. It make feel so good to see that prinicpal go down!!!

LAurie in Bradenton

[Telephus44]

Thanks for the reminder - I know for my student loans I can choose the extra to "advance the due date for your next payment" or "apply extra towards principle." Of course, I always choose the latter.

[ama]

I apply an extra $100 a month towards my principal on my mortgage. Hopefully its making a dent!

[Mom23boys]

Thanks for the reminder. I always try to add a little extra every month.

[dolphin]

I have never paid extra on a mortgage payment. I need to start doing that!