How do I pay extra principal on my PNC mortgage?

If you intend to remit additional principal, escrow or fee payments separately from the Service, mail your check to PNC Mortgage/Payment Services, Mail Code: B6-YM14-01-1, PO Box 1820, Dayton, OH 45401. Note on the memo portion of the check your mortgage account number and how the funds are to be applied.

How do mortgage extra payments work?

Since your interest is calculated on your remaining loan balance, making additional principal payments every month will significantly reduce your interest payments over the life of the loan. By paying more principal each month, you incrementally lower the principal balance and interest charged on it.

Does your mortgage payment change if you pay extra?

Putting extra cash towards your mortgage doesn’t change your payment unless you ask the lender to recast your mortgage. Unless you recast your mortgage, the extra principal payment will reduce your interest expense over the life of the loan, but it won’t put extra cash in your pocket every month.

How do extra mortgage payments affect amortization?

Even a single extra payment made each year can reduce the amount of interest and shorten the amortization, as long as the payment goes toward the principal and not the interest (make sure your lender processes the payment this way). Additionally, mortgage calculators can determine the best interest rates available.

Does PNC Mortgage have a prepayment penalty?

There is no prepayment penalty imposed for paying off your home equity installment loan account at any time. However, certain closing costs may be paid by PNC on your behalf at the time of your loan closing. If the loan is paid off 36 months after closing, repayment of these costs is not required.

Can I pay my mortgage over the phone?

Making a mortgage payment over the phone is another option, especially if you forgot to mail in your payment before the due date or have not set up a payment process online. The phone number to call will be on your monthly bill or found online.

How many years does making an extra mortgage payment take off?

This means you can make half of your mortgage payment every two weeks. That results in 26 half-payments, which equals 13 full monthly payments each year. Based on our example above, that extra payment can knock four years off the 30-year mortgage and save you over $25,000 in interest.

How do I stop a recurring payment PNC?

Sign On to PNC Online Banking. Click the “Customer Service” tab. Select “Stop Payment” from the Account Services section. Select the type of stop that you would like to place.

Can you set up automatic mortgage payments?

Automatic payments are easy to set up. They can often be set up online through your mortgage company or there may be a section of your paper bill to set up autopay. Some mortgage lenders allow automatic mortgage payments to be automatically adjusted if there’s a change in your escrow or interest rate.

Can you pay a mortgage from two accounts?

Each person on a joint mortgage is equally responsible for making sure the full repayment due is paid to the lender each month. So regardless of whether you have paid your own share, the lender could still pursue you for the missing money as a named person in the mortgage agreement.