Posted on: 26th Sep, 2009 11:39 am
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?
check this post
http://www.mortgagefit.com/predeal/about28494.html
http://www.mortgagefit.com/predeal/about28494.html
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.
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.
No. Your minimum payment will not be reduced.