If you would like to pay your assessment off sooner, you can make additional principle payments in the month your assessment payment is due. If you can not remember what month your assessment payment is due, refer to the payment schedule you received when you were hooked up to the water/sewer system. If you can not find this schedule please contact our office and we will be happy to assist you.
If you are on payment number 15 on your annual sewer assessment and your payment is $201.53, if you paid an additional $83.46 (the principle amount of payment number 16) you would save $118.07 in interest by taking advantage of this option.
You can pay as many extra principle payments as you would like. You would receive a bill the next year, but the water department would move your payment schedule ahead to reflect the additional principle payment(s) that were made.
The main advantage of making additional principle payments is to shorten the overall life of the assessment, which in financial terms works much like a mortgage. The 2nd major advantage is to save money that would otherwise go to interest fees.