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What happens if you make a large lump payment on a mortgage. Does the payment go down?

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October 25 2012 - US
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The extra will pay off your principal, and result in fewer payments, but will not change your principal assuming you have a fixed rate mortgage.
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October 25 2012
If you make a large curtailment...you can ask your lend re-amortize your loan. It will decrease payment or decrease the term.
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Sonia
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October 25 2012
Your payment does not go down, but the number of payments you will have to make is reduced as your are paying down your principal and reducing the amount of interest you would have to pay.
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October 25 2012
It does if you recast the loan or have an interest only loan; it also does if you have an ARM at the next adjustment. 
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October 25 2012
The payment usually stays the same...the "extra" goes straight towards your principal.
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October 25 2012
 
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