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?
Answer by firstname.lastname@example.org
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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If you pay $ 12,000 now, maybe the bank will allow you to pay $ 100 a month less for the next 10 years.
10 years x 12 months a year x $ 100 = $ 12,000.
Your question is confusing. You want to pay extra and at the same time lower your payments. First of all, you cannot lower your payments without refinancing which yo say you do not wish to do. If you increase your payments, you will shorten the period of your loan, but cannot reduce future payments. Every extra dollar you spend each month can go 100% to reducing your principal. Good luck with your finances.
Check the rules of your mortgage. Under Canadian law, you can increase your payment which will go against the principal but doesn’t lower the payment. You can also make an annual lump sum payment of no more than 10% of the original principal and if you make that at the same time as a regular payment, it will go 100% against the principal.
If your lender, will let you switch to weekly or bi-weekly payments, your payment may decrease.
Unfortunately paying more on principle will only make your term less and won’t change the payments.
If you escrow taxes and insurance you can usually ask your lender to drop those escrows which will make your payments smaller. The down side to this is that you will have to pay your taxes and insurance out of pocket and if you currently have a FHA mortgage you cannot drop those escrows as they are required for the life of the loan.
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