Paying off mortgage early with balloon payment on end
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?