Excessive Mortgage payment gone worng??

bmuir40

Hello,
This is my first post here. I am working my way through paying my mortgage off, and something unexpected happened, and I am not sure if it was good or bad.

My monthly mortgage is about $1450, and I got a large bonus at work in April. Because of the bonus, I put $4500 on my mortgage payment in April. I logged in just now (December), expecting to see my principle down by $3,000. However, my mortgage company somehow applied the $4,500 to my next 3 payments of $1450, so I am now 3 months ahead on payments. I just checked,(December) and my next payment due is April 1st.

I was initially upset about this, but I have been struggling with maintaining an emergency fund, and it seems I kind of have one now! We are a single income house, and knowing I can go 3 months without a payment seems comforting. So should I just leave this alone? I know emergency funds cover many "other" things aside from mortgage, but that's my largest expense I would have.

BodyOfBones

bmuir40 wrote: »

Hello,
This is my first post here. I am working my way through paying my mortgage off, and something unexpected happened, and I am not sure if it was good or bad.

My monthly mortgage is about $1450, and I got a large bonus at work in April. Because of the bonus, I put $4500 on my mortgage payment in April. I logged in just now (December), expecting to see my principle down by $3,000. However, my mortgage company somehow applied the $4,500 to my next 3 payments of $1450, so I am now 3 months ahead on payments. I just checked,(December) and my next payment due is April 1st.

I was initially upset about this, but I have been struggling with maintaining an emergency fund, and it seems I kind of have one now! We are a single income house, and knowing I can go 3 months without a payment seems comforting. So should I just leave this alone? I know emergency funds cover many "other" things aside from mortgage, but that's my largest expense I would have.

Any reason why you are asking about a $ mortgage on a UK site? Are you in the US?