The more you pay off your mortgage do the payments get smaller as you get further into it?

Question

For example you have a payment of $1100/month. Will this go down the more you pay?

Answer 1

Your mortgage payment stays the same over the life of the loan until paid off or refinanced.

If you pay more than the amount due each month (i.e. 1200 instead of 1100) there will be fewer payments, but not lower payments.

Go to bankrate.com and check out their free mortgage payment calculators. You can change the various inputs, such as payment, interest rate, etc and see how each number affects your payment.

Many online calculators also break down your payments into an amortization schedule which will allow you to see how much of your payment goes to principle vs. interest.

It is a very eye-opening experience. I really recommend it.

Answer 2

You need to do some research on how mortgages work and I've included a fine resource in the link below. Follow the link that says pre-payment of principle.

If you in the first years of your loan, you are primarily paying the interest off. Extra payments on the principle will not reduce the monthly payment but will reduce the number of payments you need to make.

Answer 3

You need to look at your Mortgage statement, It will show you how your monthly mortgage payments are broken down, If it's at the beginning of your mortgage, then most of the 1100. will be applied to interest. and about 120, towards your principal, Each month, if you can afford to apply extra cash towards your principal, do it, that will help you to pay your mortgage off quicker. Make sure you note on your payment that the extra cash is to be applied to your principal.

Answer 4

Not really no. One way to pay a mortage off faster though is to pay it every two weeks instead of every month. There is an extra week paid off every year then and it comes off the principle not the interest like the other payments do. It doesnt seem much but it can knock off 5 years or so from your payments.

Answer 5

In a conventional mortgage, the payments stay the same. In the beginning more goes toward interest, later on more goes to pay off the actual loan.

Answer 6

The amount of the monthly payment will stay the same but every month a larger percent of the payment will be applied to principal and a smaller percent will be interest.

Answer 7

A lien can not be located on a guy or woman, in basic terms on sources they own. If the lien is against the valuables, then sure, it quite is area of the indoors maximum loan if the end result would not exceed the appraised fee of the valuables. become this lien for some advancements to the valuables that did not gets a commission? Paying off the lien could earnings the previous proprietor. different than getting the abode you opt for, how could paying off the lien earnings you (maximum serious).

Answer 8

The mortgage payment stays the same.

The amount for interest goes down a little after each payment as you owe less.

The amount applied to the principle goes up a little after each payment.

Answer 9

If it's a fixed 30 year mortgage, your payment never goes down.

If you pay part of it off, more of each payment goes to principal and less to interest, so you will pay it off in less than 30 years.

You will need to refinance to lower your payment.

Answer 10

The payments will stay the same... they are based on the original loan amount you took out, regardless of how much principal you pay down. There are loans available that "re-cast" every time you make a payment. They are typically mta loans and interest only loans. Your payment is based off what your outstanding balance is, and NOT off of your original loan amount.

more info on mta loans, http://www.choicefinance.net/mta-option-arm.htm

more info on interest-only loans, http://www.choicefinance.net/interest-only-loans.htm