Thanks for the advice.

Jeff

"PA Coug Fan" <Anonymous[at]Anonymous.Net> writes:

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It doesn't matter.

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That's the most logical, given that you're already sending the
regular payment to them.

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No, it doesn't.

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Actually, payment timing isn't very important at all in those cases.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

Hi.

I've got a typical 30-year fixed mortgage at 6.0% and my main goal with
regards to this home is to build equity as quickly as possible. Currently,
my payment is approximately $807 (P&I + Insurance, etc.) per month, but for
the past six months I have been sending an additional principal payment of
$630 per month. This additional principal payment will continue for the
foreseeable future (approximately three years, when I plan to sell this
home). My question is, when should I be sending this additional payment to
my mortgage company? I've been sending it with my regular payment in one
fixed sum ($1437, with clear instructions to apply $630 to principal, not as
prepayment) which is due on the first of each month. However, I'm wondering
if I should be sending this in at another time of the month, in order to
maximize my additional equity payments. Since I'm making a full extra
payment every month, does it matter when? It's not like I'm working through
a 1st/15th payment plan or adding a thirteenth payment per year, where
payment timing is very important.

Thanks for any advice.

Jeff