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 kim090807
Joined: 20 Sep 2009
Posts: 52
0.00 Dollars($)
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 Posted: Sat Sep 26, 2009 11:39 am Post subject: FIXED MORTGAGE |
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| If I have a 30 year fixed mortgage with a minim payment of let's say $ 1000, paying more than that every month will reduce also my minimum payment over the months like an auto loan or will only let me repay early? |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1735
35.94 Dollars($)
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| Posted: Sat Sep 26, 2009 12:47 pm Post subject: |
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This will help you to repay earlier
Your monthly would not chnage if you do not refinance |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1735
35.94 Dollars($)
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frankmcdowell2000
Joined: 07 Sep 2009
Posts: 57
0.00 Dollars($)
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| Posted: Sun Sep 27, 2009 2:47 am Post subject: |
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hi kim,
if your mortgage is an Interest Only loan then Your payment will be reduced. If your loan is a traditional 30yr. Fixed then you will be just reducing the principle and the payoff, the monthly payment will stay the same. |
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stevecomish
Joined: 16 Sep 2009
Posts: 48
0.00 Dollars($)
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| Posted: Sun Sep 27, 2009 11:54 pm Post subject: |
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| No. Your minimum payment will not be reduced. |
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