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Knowledge Base Article

How to make principal only loan payments

Can I make principal only payments to my consumer loans?

Yes. You can transfer the funds online, at any Delta Community branch or, you can mail the payment to the Credit Union.

The first payment(s) of the statement cycle must satisfy any interest due for that period, and the balance will go to principal. Any additional payments made online will go to the principal until unpaid interest for the next cycle is due again. You can also make payments to principal only at any time after the interest for the specific billing cycle has been satisfied.

The due date will automatically advance when additional payments are made that satisfies the minimum payment but when the statement cycles again, it will change back to the current due date.

Can I make a principal only payment on my mortgage loan?

Yes. A principal only payment can be applied to a mortgage loan.

Can a principal only payment be applied to a delinquent loan?

No. The loan must be current in order for a principal only payment to be applied.

Can I make a principal only payment to my personal line of credit or overdraft protection loan?

No. The ‘Pay to Principal’ option is currently available on consumer loans only and does not include personal line of credit, overdraft protection or credit card loans.

For payment by mail:
Send your payment to PO Box 20541., Atlanta, GA 30320-2541. Please note that you are making a principal only payment and include your account number and loan ID.