Paying off your principal balance should always be the goal. Is it better to pay interest or principal on a loan? When paying extra on a mortgage, specify that you want the payment to be applied to your principal, not interest. Check with your loan servicer to confirm which options are available. If online payments aren’t an option, you may be able to submit your payments over the phone, in-person or by mail. Today, a lot of mortgage lenders offer online payment portals where you can make additional principal payments.
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