my mortgage is currently $1600.00 a month. How much extra would I have to pay in order to reduce my payments?

by ghwpix

Question by Yippers: my mortgage is currently 00.00 a month. How much extra would I have to pay in order to reduce my payments?
Is there anyway that I can lower my monthly mortgage payments by $ 100.00-$ 200.00 per month. I already have a really good interest rate and I do not want to refinance. Can I pay more towards the principle or one lump sum?

Best answer:

Answer by chatsplas@sbcglobal.net
Generally doing that will shorten the length of time that you pay, It also reduces the amount of interest you pay each month, as more and more of your payments go to interest. Talk to your lender.

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