To make a principal-only payment, it’s crucial to specify to your lender that any extra payments should go directly toward reducing your principal balance. If this isn’t made clear, the additional payment may be applied to interest instead. Here are ways to ensure your extra payments go toward the principal:

- Online Payments: Log into your online banking account and look for the option to apply payments toward your principal. Many lenders allow you to select this option, so specify the amount and ensure it's applied correctly.

- Phone Payments: Call your lender and have your account information ready. Clearly instruct the representative that you want the extra payment applied to your principal, and ask for confirmation.

- In-Person Payments: Visit your local branch if you prefer to make the payment in person. Bring your payment method (check, cash, or bank info) and remind them to apply it to your principal.

- Mail Payments: If you pay by mail, your paper statement typically has a section where you can indicate how you want any additional amount to be applied. Be sure to specify “principal” on this form.

Paying down your mortgage faster has several benefits. Since most payments in the early years go primarily toward interest, paying down the principal reduces interest over time. This can save you thousands of dollars, help you pay off your loan sooner, and offer peace of mind knowing you’re closer to full homeownership. Once your mortgage is paid off, you’ll have more cash flow to invest in other areas, from retirement savings to other financial goals.