Skip to content
Private Lending & Conventional Mortgage Advice

User Stats

1
Posts
0
Votes
Fred W Johnson
0
Votes |
1
Posts

Paying off mortgage early with balloon payment on end

Fred W Johnson
Posted May 29 2018, 16:04

Details on my mortgage - 

Interest bearing Principle $197,000

Deferred Principle $95,440

Interest rate 4.7%

20 year loan with 18 years left.

I wanted to pay $7,000 extra a month for the Deferred Principle  but the lender company told me I cannot pay on the deferred principle while there is a interest principle and thats need to be paid off first.

So my question is if i put a extra $7000 a month on the interest principle and pay off that early would I still have the remaining years to make payments on the deferred principle?

Loading replies...