From: "Jamie" 
Newsgroups: misc.consumers.house
Subject: Re: Early Mortgage Payment
Date: Tue, 19 Oct 2004 13:43:01 -0400


"Charles Spitzer"  wrote in message
news:cl3jf8$1a2$1@transfer.stratus.com...
>
> "Pete"  wrote in message
> news:28cdd.17436$l07.11713@twister.nyroc.rr.com...
> > I'm self-employed and I get irregular paid - so some month much more
then
> > others.
> > So I would like to pay in good month more money towards my mortgage (so
> > like
> > make now a payment for Novemberthrough Febuary).
> > Can I do so and specially the question: do I save a bit in interest by
> > that?
> >
> > About my loan: I have a normal FHA Loan (7.5 %)
> >
> > Thanks,
> > Pete
>
> you have to speak with your mtg holder. some do, some don't. they don't
like
> to do this normally.
>

Most banks probably won't let you pay in advance and then skip future
payments. You can usually prepay as much as you want, which will of course
save you interest, but your payment schedule marches on as usual.. so if
you're anticipating a dry spell for income you better of banking the money
and sticking to your regular schedule.