[quote=carlsbadworker]When making payments, you will need to specify whether it goes to extra principle or it is a pre-payment for next month. The default is the latter for most mortgage. But you can call them to make sure that $40K goes into principle when you make that extra payment.[/quote]
This!
I learned this the hard way and am now a payment ahead, when I wanted to be paying towards the principal.
Fortunately, I noticed it and made the adjustments. (I’ve been making extra principal payments pretty aggressively in the hopes of being 100% debt free soon.)
