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

I was wondering. 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?

gmakerley · Posted: Sat Sep 26, 2009 9:45 am Post subject:

no it does not reduce your monthly payment requirement. it saves you money and time.

marklavender1 · Joined: 13 Sep 2009 Posts: 120 -0.14 Dollars($)

your monthly payment will remain same until you are not paying your mortgage completely.

By paying extra, you do not need to pay for 30 yrs. Mortgage Tenure wil go down but it depends upon extra amount that you will be paying.

Forget one point. Check your deed as well. Your Mortgage lender may charge some penalty in case of prepayment.

gmakerley · Posted: Sat Sep 26, 2009 9:57 am Post subject:

the likelihood of a prepayment penalty being in place when you are adding extra to your regular payment is infinitesimal.

go ahead and check your documents, but please don't worry.

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

It will reduce your terms of the payment, but your monthly payment remains the same

But You cna reduce yoru monthly payment by refinancing at the same rate after makign soem extra payment

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

Your payment will be reduced if your mortgage is an Interest Only loan and 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.

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

That is a good addition

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