Q&A | Mortgage : Applying a different amount each month for an extra principal payment

Name: Jan Galloni Title of Question: Applying a different amount each month for an extra principal payment Question: i am working off of an amort ization schedule. Each month I make a principal and interest payment as schedule and we also include the next principal payment therefore skipping that interest payment. Each month we continue to do so. Are we calculating our loan correctly? Post Your Answer To The Question Above:   Name: Your Answer:   Name: Ram | Date: August 28, 2007, 12:27 pm | Answer: If I pay around 2 lacs as pre paymnent. hou much reduction in original tenure of 20 years will be there,for 2500000 and EMI of 24730/- as on today