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Virtually all residential promissory notes (and the majority of commercial promissory notes) permit prepayment, in whole or in part, without a prepayment penalty.  If you make a principal prepayment, your regular monthly payment does not decrease, but the prepayments will shorten the term of your note and mortgage, saving you interest and paying off your loan faster than scheduled.  Prepayments are voluntary and not required.  My recommendation is to pay higher unsecured promissory notes prior to paying what is typically a lower interest rate on your mortgage.

Mitch

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