Paying it down faster doesn't change your payment.I recommend you speak with your lender so they can explain this to you.

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.While the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall loss.

These types of low down payment no equity transaction have a horrendous default  rate way over 50%  

Lending laws change frequently, and we receive emails from Lightning Docs throughout the year explaining their updates to the documents we use here in CA.

I believe in this so strongly that I have even once confronted a large advertising client about this issue when I discovered they had language to this effect in their terms of use in the past, and asked them to change their policy, at risk of material revenue loss to our company.

It isn't easy to make things pencil, and I don't see it getting much better over the next 12 months.I have changed my rental strategy to Co-Living (rent by the room).

So with interest rates high...

Rent rates have increased so quickly over the last few years.

Ask if you can do little tasks like having to go change a lightbulb, change a lock, etc.

Unfortunately, given current and foreseeable prices and interest rates, I will not be in the position to buy anything else anywhere I’d want to go.