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Interest only

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howaboutit991 Joined: 12 Aug 2011 Posts: 1 1.26 Dollars($)	Posted: Fri Aug 12, 2011 4:44 pm    Post subject: Interest only Like 0 Dislike 0 I have a interest only loan that i want to pay extra on the princple only, what will that do to my interest payment
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Fri Aug 12, 2011 8:38 pm    Post subject: Like 0 Dislike 0 Hi howaboutit, You should contact your lender and pay extra money toward your principal. This will help you in reducing your principal amount. I didn't understand what you exact;y wanted to mean by "what will that do to my interest payment". Please explain. Thanks
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Wed Aug 17, 2011 6:03 am    Post subject: Interest Like 0 Dislike 0 If you pay doen the principal, each month you do that, less interest will be owed the following month. In such situations, most, not all, lenders adjust your interest payment due the next month to a smaller amount due becasue the principal balanc is less. There is an occaisional lender that keeps your payment due the same. Call the 800 customer service number of your lender and ask if the payment is adjusted if you pay extra toward the principal. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278

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