# Mortgage Banking question – paying additional principal **URL:** \ **Category:** Factual Questions\ **Created:** [April 6, 2002, 3:32am UTC](https://boards.straightdope.com/t/mortgage-banking-question-paying-additional-principal/102129 "2002-04-06T03:32:43Z")\ **Posts on this page:** 3\ **Page:** 1
**Author:** ![KP235](https://avatars.discourse-cdn.com/v4/letter/k/9de0a6/32.png) [@KP235](https://boards.straightdope.com/u/KP235)\ **Post date:** [April 6, 2002, 3:32am UTC](https://boards.straightdope.com/t/mortgage-banking-question-paying-additional-principal/102129/1 "2002-04-06T03:32:43Z")
I have a question for someone familiar with mortgages. In my shiny new mortgage payment book, the coupons have an entry for paying additional principal. If I pay additional principal each month, is the life of the loan shortened, or is the loan recalculated for a lower payment for the original term of the loan? ---
**Author:** ![glilly](https://avatars.discourse-cdn.com/v4/letter/g/48db29/32.png) [@glilly](https://boards.straightdope.com/u/glilly)\ **Post date:** [April 6, 2002, 3:35am UTC](https://boards.straightdope.com/t/mortgage-banking-question-paying-additional-principal/102129/2 "2002-04-06T03:35:17Z")
The life is shortened. If you make one extra payment at the end of the first year, a 30-yr loan will be reduced by over 1 year (if I did my calc right). ---
**Author:** ![kniz](https://avatars.discourse-cdn.com/v4/letter/k/c37758/32.png) [@kniz](https://boards.straightdope.com/u/kniz)\ **Post date:** [April 6, 2002, 4:59am UTC](https://boards.straightdope.com/t/mortgage-banking-question-paying-additional-principal/102129/3 "2002-04-06T04:59:48Z")
The payments never change (with exception of variable rate) no matter what happens. Miss a payment even if you have paid a large sum towards the principle and you have missed a payment. Variable loans only vary according to the interest rate and have nothing to do with the amount you have paid in.