Posted on: 06th Aug, 2011 06:15 pm
I want to pay my mortgage for the next 12 months. Eacy payment of course includes some principle. Since I am going to pay that principle already now for the next 12 months I also want to have it applied now. In other words, since I pay my mortgage that is due in October now I don't want to pay interest on that amount until October. Since I pay my mortgage that is due in November now, I don't want to pay interest on that amount until November, etc. Is that possible to arrange and if so how? If it matters my mortgage is with Citibank.
>>Is that possible to arrange
No.
No.
You can prepay your loan, but you cannot change the amortization. You can change the amortization, by paying off your loan early, by applying more to principal every month...
