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Updated about 1 month ago on . Most recent reply
is it a good idea to pay of my mortgage fast?
My mortgage rate is very high and I would like to pay some of it off, so that my monthly payments would go down a bit, I dont know if it is financial smart to do it or not? any advice on paying mortgage off or faster
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- Real Estate Broker
- Cody, WY
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Quote from @Tom Hall:
My mortgage rate is very high and I would like to pay some of it off, so that my monthly payments would go down a bit, I dont know if it is financial smart to do it or not? any advice on paying mortgage off or faster
With a standard mortgage, your monthly payment will remain the same for the life of the loan. Even if you only owe $26,000 on the loan, your payment will still be the same. Paying it down faster doesn't change your payment.
I recommend you speak with your lender so they can explain this to you. Then ask them what your options are to reduce payments in the future.
- Nathan Gesner
