Mortgage calculator topics explored
If adding money every month is out of your budget, add it when you find that you have a little extra left in the bank, or make a single extra large payment once a year. The impact on the amount you pay over the life of your loan will be powerful. You do not need permission from your lender to pay extra on your home mortgage. On the other hand, if you want a lower monthly payment, you will need to refinance. When you refinance, your goal is a lower interest rate (at least two points lower than your current rate, and ideally much lower), and probably a longer term.