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What is the correct verbiage for an extra additional mortgage payment?


EssKayKay
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Hopefully a simple question here.  When someone adds an additional payment to reduce their mortgage is the verbiage: The additional money will be applied "toward" the principle" or The additional money will be "deducted from" the principle"?  That is should you use toward or deducted?

 

Thanks,

Steve

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You'd denote that it is "applied towards principal" (make sure to use the correct spelling).  These days, almost all mortgage lenders have online payment portals and when you select "Make A Payment" it will have an field for you to add extra payments towards the principal balance.  If you still mail your check in each month then you'll want to call your mortgage servicer and ask how to notify them that a payment is to be applied directly to the principal balance rather than to a future month's mortgage payment.

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