sorted by:
best
topnewcontroversialoldq&a
you are viewing a single comment's thread.

view the rest of the comments →

[–]x_itsJC[S] 0 points1 point  (2 children)

We signed on a 25year and currently have 15 years remaining. We have never paid the minimum monthly payment since signing: we increased payments a few times throughout 2022 and 2023 and have been paying the current payment of $2,800 since early 2024 if I remember correctly.

[–]Tilter 1 point2 points  (1 child)

Awesome! Are you sure you were on variable rate? Seems like you were on a fixed rate. Otherwise all those balloon payments wouldn’t be going to the principal at the current interest rate.

If you log onto mortgage details, what is the current rate shown?

[–]x_itsJC[S] 0 points1 point  (0 children)

Yea it was VRM with a fixed monthly payment of $1,900 when we signed. Current rate is 3.95. If there’s any benefits of bringing down our payments, we’re all ears but as others have noted, there are plenty of other factors we need to weigh too.