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If I pay more than my monthly mortgage payment, will I owe less on subsequent monthly payments?
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maiden
Whoa!
Member since 5/08 1814 total posts
Name:
T
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If I pay more than my monthly mortgage payment, will I owe less on subsequent monthly payments?
If I decide to pay more money towards my mortgage each month for 6 months, will the required amount that I need to pay each month after be less because I am paying more money upfront?
TIA
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Posted 9/29/10 12:21 PM  |
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Prudential Douglas Elliman Real Estate
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VeeJay
Love baby feet
Member since 2/09 2894 total posts
Name:
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Re: If I pay more than my monthly mortgage payment, will I owe less on subsequent monthly payments?
No your monthly payment will not change. The extra payments are applied to the principal balance and you end up paying less interest.
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| Posted 9/29/10 12:27 PM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: If I pay more than my monthly mortgage payment, will I owe less on subsequent monthly payments?
No. It will only cut the number of payments.
Unless you refinance, then you can take a new loan on what you really owe and you will have less interests to pay since the principal is smaller. You just need to calculate which one is more advantageous to you.
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| Posted 9/29/10 12:48 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: If I pay more than my monthly mortgage payment, will I owe less on subsequent monthly payments?
It will shorten the length of the loan, but your payments will stay the same...
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| Posted 9/29/10 2:06 PM |
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