{"id":195577,"date":"2025-04-19T03:43:41","date_gmt":"2025-04-19T03:43:41","guid":{"rendered":"https:\/\/namso-gen.co\/blog\/should-i-put-extra-money-towards-principal-or-escrow\/"},"modified":"2025-04-19T03:43:41","modified_gmt":"2025-04-19T03:43:41","slug":"should-i-put-extra-money-towards-principal-or-escrow","status":"publish","type":"post","link":"https:\/\/namso-gen.co\/blog\/should-i-put-extra-money-towards-principal-or-escrow\/","title":{"rendered":"Should I put extra money towards principal or escrow?"},"content":{"rendered":"<p>When you have extra money to put towards your mortgage, deciding whether to pay down the principal or escrow can be a tough decision. It&#8217;s important to consider your financial goals and circumstances before making a choice. Here&#8217;s a breakdown of the pros and cons of putting extra money towards principal or escrow:<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_62 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/namso-gen.co\/blog\/should-i-put-extra-money-towards-principal-or-escrow\/#What_is_the_difference_between_principal_and_escrow\" title=\"What is the difference between principal and escrow?\">What is the difference between principal and escrow?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/namso-gen.co\/blog\/should-i-put-extra-money-towards-principal-or-escrow\/#What_happens_when_I_put_extra_money_towards_principal\" title=\"What happens when I put extra money towards principal?\">What happens when I put extra money towards principal?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/namso-gen.co\/blog\/should-i-put-extra-money-towards-principal-or-escrow\/#What_are_the_benefits_of_putting_extra_money_towards_escrow\" title=\"What are the benefits of putting extra money towards escrow?\">What are the benefits of putting extra money towards escrow?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/namso-gen.co\/blog\/should-i-put-extra-money-towards-principal-or-escrow\/#Should_I_put_extra_money_towards_principal_if_I_plan_to_sell_my_home_soon\" title=\"Should I put extra money towards principal if I plan to sell my home soon?\">Should I put extra money towards principal if I plan to sell my home soon?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/namso-gen.co\/blog\/should-i-put-extra-money-towards-principal-or-escrow\/#Can_putting_extra_money_towards_escrow_lower_my_monthly_mortgage_payments\" title=\"Can putting extra money towards escrow lower my monthly mortgage payments?\">Can putting extra money towards escrow lower my monthly mortgage payments?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/namso-gen.co\/blog\/should-i-put-extra-money-towards-principal-or-escrow\/#Is_there_a_limit_to_how_much_I_can_pay_towards_the_principal\" title=\"Is there a limit to how much I can pay towards the principal?\">Is there a limit to how much I can pay towards the principal?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/namso-gen.co\/blog\/should-i-put-extra-money-towards-principal-or-escrow\/#What_happens_if_I_overpay_my_escrow_account\" title=\"What happens if I overpay my escrow account?\">What happens if I overpay my escrow account?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/namso-gen.co\/blog\/should-i-put-extra-money-towards-principal-or-escrow\/#Can_I_choose_to_only_put_extra_money_towards_the_principal_or_escrow\" title=\"Can I choose to only put extra money towards the principal or escrow?\">Can I choose to only put extra money towards the principal or escrow?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/namso-gen.co\/blog\/should-i-put-extra-money-towards-principal-or-escrow\/#Will_putting_extra_money_towards_escrow_affect_my_loan_term\" title=\"Will putting extra money towards escrow affect my loan term?\">Will putting extra money towards escrow affect my loan term?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/namso-gen.co\/blog\/should-i-put-extra-money-towards-principal-or-escrow\/#Is_it_better_to_put_extra_money_towards_principal_or_escrow_if_I_have_a_low_interest_rate\" title=\"Is it better to put extra money towards principal or escrow if I have a low interest rate?\">Is it better to put extra money towards principal or escrow if I have a low interest rate?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/namso-gen.co\/blog\/should-i-put-extra-money-towards-principal-or-escrow\/#What_happens_if_I_dont_have_enough_funds_in_my_escrow_account\" title=\"What happens if I don&#8217;t have enough funds in my escrow account?\">What happens if I don&#8217;t have enough funds in my escrow account?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/namso-gen.co\/blog\/should-i-put-extra-money-towards-principal-or-escrow\/#Can_I_change_my_mind_after_putting_extra_money_towards_principal_or_escrow\" title=\"Can I change my mind after putting extra money towards principal or escrow?\">Can I change my mind after putting extra money towards principal or escrow?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/namso-gen.co\/blog\/should-i-put-extra-money-towards-principal-or-escrow\/#How_do_I_decide_whether_to_put_extra_money_towards_principal_or_escrow\" title=\"How do I decide whether to put extra money towards principal or escrow?\">How do I decide whether to put extra money towards principal or escrow?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/namso-gen.co\/blog\/should-i-put-extra-money-towards-principal-or-escrow\/#Should_I_Put_Extra_Money_Towards_Principal_or_Escrow\" title=\"Should I Put Extra Money Towards Principal or Escrow?\">Should I Put Extra Money Towards Principal or Escrow?<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_difference_between_principal_and_escrow\"><\/span>What is the difference between principal and escrow?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nPrincipal is the amount of money you borrowed from the lender to buy your home, while escrow is the account where your lender holds funds to pay for property taxes, homeowners insurance, and mortgage insurance.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_happens_when_I_put_extra_money_towards_principal\"><\/span>What happens when I put extra money towards principal?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nWhen you make extra payments towards your principal, you can pay off your mortgage faster and save on interest costs over time.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_benefits_of_putting_extra_money_towards_escrow\"><\/span>What are the benefits of putting extra money towards escrow?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nAdding extra funds to your escrow account can help you avoid a shortage in the future and ensure that there are enough funds to cover your property tax and insurance bills.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Should_I_put_extra_money_towards_principal_if_I_plan_to_sell_my_home_soon\"><\/span>Should I put extra money towards principal if I plan to sell my home soon?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nIf you&#8217;re planning to sell your home in the near future, it may not make sense to put extra money towards the principal since you won&#8217;t benefit from paying off the loan early.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Can_putting_extra_money_towards_escrow_lower_my_monthly_mortgage_payments\"><\/span>Can putting extra money towards escrow lower my monthly mortgage payments?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nAdding extra funds to your escrow account can lower your monthly mortgage payment if it helps to reduce the amount needed to cover property taxes and insurance.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_there_a_limit_to_how_much_I_can_pay_towards_the_principal\"><\/span>Is there a limit to how much I can pay towards the principal?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nMost mortgage lenders allow borrowers to make extra payments towards the principal without any limits, but it&#8217;s always a good idea to check with your lender to confirm.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_happens_if_I_overpay_my_escrow_account\"><\/span>What happens if I overpay my escrow account?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nIf you overpay your escrow account, your lender may refund the excess amount or apply it towards future escrow payments.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Can_I_choose_to_only_put_extra_money_towards_the_principal_or_escrow\"><\/span>Can I choose to only put extra money towards the principal or escrow?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nYou can choose to put extra money towards either the principal, escrow, or both, depending on your financial goals and circumstances.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Will_putting_extra_money_towards_escrow_affect_my_loan_term\"><\/span>Will putting extra money towards escrow affect my loan term?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nAdding extra funds to your escrow account will not affect your loan term, but it can help you with managing your property tax and insurance payments.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_it_better_to_put_extra_money_towards_principal_or_escrow_if_I_have_a_low_interest_rate\"><\/span>Is it better to put extra money towards principal or escrow if I have a low interest rate?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nIf you have a low interest rate on your mortgage, putting extra money towards the principal may be a better option since you can save on interest costs over time.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_happens_if_I_dont_have_enough_funds_in_my_escrow_account\"><\/span>What happens if I don&#8217;t have enough funds in my escrow account?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nIf you don&#8217;t have enough funds in your escrow account to cover property taxes or insurance, your lender may increase your monthly mortgage payment to make up for the shortage.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Can_I_change_my_mind_after_putting_extra_money_towards_principal_or_escrow\"><\/span>Can I change my mind after putting extra money towards principal or escrow?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nOnce you make an extra payment towards either the principal or escrow, it&#8217;s generally not reversible, so it&#8217;s important to consider your decision carefully.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_do_I_decide_whether_to_put_extra_money_towards_principal_or_escrow\"><\/span>How do I decide whether to put extra money towards principal or escrow?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nTo decide whether to put extra money towards principal or escrow, consider your financial goals, loan terms, interest rate, and upcoming expenses related to property taxes and insurance. <\/p>\n<p>**<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Should_I_Put_Extra_Money_Towards_Principal_or_Escrow\"><\/span>Should I Put Extra Money Towards Principal or Escrow?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>**<\/p>\n<p>The answer to whether you should put extra money towards principal or escrow depends on your financial goals and circumstances. If your goal is to pay off your mortgage faster and save on interest costs, putting extra money towards the principal may be the better option. On the other hand, if you want to ensure that you have enough funds to cover property taxes and insurance, adding extra funds to your escrow account could be the right choice. Ultimately, it&#8217;s important to consider what will benefit you the most in the long run and align with your financial objectives.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When you have extra money to put towards your mortgage, deciding whether to pay down the principal or escrow can be a tough decision. It&#8217;s important to consider your financial goals and circumstances before making a choice. Here&#8217;s a breakdown of the pros and cons of putting extra money towards principal or escrow: What is &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Should I put extra money towards principal or escrow?\" class=\"read-more button\" href=\"https:\/\/namso-gen.co\/blog\/should-i-put-extra-money-towards-principal-or-escrow\/#more-195577\">Read more<span class=\"screen-reader-text\">Should I put extra money towards principal or escrow?<\/span><\/a><\/p>\n","protected":false},"author":50,"featured_media":107420,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86279],"tags":[],"class_list":["post-195577","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-learn","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Should I put extra money towards principal or escrow?<\/title>\n<meta name=\"description\" content=\"When you have extra money to put towards your mortgage, deciding whether to pay down the principal or escrow can be a tough decision. 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