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kim090807 · Joined: 20 Sep 2009 Posts: 55 -0.01 Dollars($)

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?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

This will help you to repay earlier

Your monthly would not chnage if you do not refinance

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

check this post

http://www.mortgagefit.com/predeal/about28494.html

frankmcdowell2000 · Joined: 07 Sep 2009 Posts: 57 0.00 Dollars($)

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.

stevecomish · Joined: 16 Sep 2009 Posts: 48 0.08 Dollars($)

No. Your minimum payment will not be reduced.

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