You can make extra payments whenever you feel so, but the amounts will be usually limited to the maximum of 20% of the original loan’s balance per year while the penalty period lasts (usually the first 3 or 5 years). Only amounts above the 20% are penalized. When the prepayment penalty period is over you are free to make as many extra payments and as often as you feel comfortable with, unless there are some very special provisions in your mortgage contract that may prevent you from doing so.

• Extra Payments
• Prepayment Penalty
• Refinancing (Part II)