Real estate blog entries tagged with mortgage prepayment by Diane Cipa (The Closing Specialists®)

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Home : Blogs : Diane Cipa : Diane's Blog : Tag "mortgage prepayment"

mortgage prepayment: What happens when you make partial pre-payments on your mortgage? - 07/28/08 08:41 AM

First, let's set aside prepayment penalties because they are rare and also because they are unique. If you have a Note that includes a pre-payment penalty, read those terms carefully for any impact on partial pre-payments. Okay, now for your query.Fixed Rate Mortgages: These mortgages have a level mortgage payment going towards principal and interest. The total remains the same every month, BUT the amount going towards principal versus interest changes as the principal balance is reduced. Here's an example for comparison:Let's take a $100,000.00 mortgage at 6% for 30 years - $599.55 is the P & I total monthly payment.You … (10 comments)

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Diane Cipa

Ligonier, PA

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The Closing Specialists®

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