Paying an extra mortgae payment early

We just closed on our condo Dec. 1st, I want to pay another payment this year - to try and offset our taxes - so i need to pay some interest

Can you pay an extra payment this year- so that i can pay say 11 payments next year and one payment of just principal

anybody try to do this

thanks

Re: Paying an extra mortgae payment early

We pay extra towards our principle every month.

If you wait until the end of the year to make the extra payment on principle then you have accrued interest on a larger principle for 11 months instead of chipping away at principle little by little every month.. It's a small difference but can add up over the years.

Can you divide your extra payment by twelve and apply that extra amount to principle every month?

Re: Paying an extra mortgae payment early

we do the same thing.....pay 1/12 of our payment extra each month

Re: Paying an extra mortgae payment early

I'm not sure if making an extra payment will offset your payment schedule and allow you to only make 11 P + I payments and than 1 IO payment. There is a min. payment each month and anything extra you pay each month goes towards the principle, but it doesnt change your monthly payment. But you should call your mortgage company and find out, they may work differently.