mortgage prepayment clause

[tmajor]

i am in florida

there is a privately held mortgage on my property, the mortgage has a prepayment clause allowing prepayment of all or any part of the indebtedness w/o penalty or fee. if i pay one months principal in advance in addition to the payment #1 , as shown on the current amortization schedule, how does this principal amount get applied to the mortgage balance? does it in fact reduce the principal balance by the total of the 2nd months payment, thus making the payment #3 the next full payment, that is principal and interest?

 

[FarmerJ]

are you doing what we call up where i live a contract for deed sale where you make monthlys to the seller rather than a mortgage company ? If so . your bank should be able to print a new amortization table for you . and last for the safety of your reciepts store those canceled checks in a safety deposit box in a bank . so if there ever is dispute etc , also make sure you mark the memo slots Principle payment and use 2nd check for your regular pymnt ,