Fold with highly variable income might prefer to “push” the next payment down the roadThe payment is not 100% interest. It's a regular future payment. Lenders (some/most lenders anyway) allow making future payments ahead of time so that then you won't have another payment for a while. It's a pointless feature IMO but they allow that and some forum members posted they did that for one reason or another, so I guess there is some customer demand for this feature.How can the payment be 100% interest? The only "interest due" would be what is due at the time of the payment. Are you sure that the principal is not also reduced with each payment?
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Sounds like that's what happened to OP while that was not their intent.
Also sounds like OP's mortgage's lender/servicer has atrocious user interface for making payments.
Statistics: Posted by bradpevans — Wed Sep 25, 2024 6:23 pm — Replies 27 — Views 1370