I have a 7year arm at 6.25%. Hard to beat a 6.25% guaranteed investment so we’ve been throwing as much extra money as possible at it toward principal. It’s amazing the estimated number of payments it’s shaving off. But it doesn’t seem to be affecting the loan amortization schedule. So with my regular payments only 15% or something is going to principal and 85% toward interest. We’ve shaved off like 3 years so far and was hopeful that would advance the loan schedule.

It seemed like online there was an option to basically consolidate my paid ahead amount and lower my monthly payment but I’m worried this will do just the opposite and revert the loan schedule back to 30 years.

Are there any strategies or anything I can do to make more of my regular monthly payments count toward principal?