Back to Glossary
Extra Payment/Payment Overage
Updated
January 19, 2023
A payment made that exceeds the monthly contractual amount to reduce the overall unpaid principal.
Related Topics
Payment and Debt Ratios
Home Value: Appraised, Estimated, Actual
How Much of a Mortgage Payment Goes to Principal
What Do Underwriters Do?
What Does Loan Underwriting Mean
Loan To Value and Down Payments
What is Underwriting in Real Estate?
Homeowner's Guide: DIY Home Improvement