When you pay more than your contractual payment, the additional amount that is paid, can either pay your next month's contractual payment or reduce the unpaid principal balance of your mortgage after satisfying any other amounts that are due (for example, outstanding fees, etc.). This may reduce the interest assessed in the future.
See the How do you apply my home loan payment? FAQ in the Making mortgage payments section on our FAQ page.
When you pay more than your contractual payment, the additional amount that is paid, can either pay your next month's contractual payment or reduce the unpaid principal balance of your mortgage after satisfying any other amounts that are due (for example, outstanding fees, etc.). This may reduce the interest assessed in the future.
See the How do you apply my home loan payment? FAQ in the Making mortgage payments section on our FAQ page.
