If my payment is for 1,000 I/O, and I give 2,000 instead of 1,000, the extra 1k will go to the principal?

Yes, that is correct! Any payments above the required I/O amount should be applied toward the principle. I would always check with the lender to get a final answer just to be sure.

He is right, of course because he is great, but I want to clarify one thing just in case it comes up.

Interest Only payments are calculated based on 30 days of interest. If your due date is the 1st and your payment posts on the 3rd then some of the extra 1000 would go to interest.

You would likely make it up on your next payment. Do you understand what I mean? I do not want you to scream when you see 90 bucks (or whatever your daily interest is x3) is taken out of the addtional payment you thought would go to principle.

Boy that is getting real deep isn't it Promise Land? lol

Hey Greg, that's not getting too deep *thumbs up* That info you gave can be passed on to consumers which is a plus for the Realtor/LO!