Payments from the borrower that are more than the scheduled principal payment amount. This is done in order to save on interest accruing over the life of a loan, and/or to pay off the loan early.
Additional Principal Payment« Back to Mortgage Terms
Payments from the borrower that are more than the scheduled principal payment amount. This is done in order to save on interest accruing over the life of a loan, and/or to pay off the loan early.
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