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Excessive Mortgage payment gone worng??
bmuir40
Posts: 1 Newbie
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.
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.
0
Comments
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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?0
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