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How to Lower Your Monthly Mortgage Payment
Senior Writer | Personal finance, financial planning, investing
Lead Assigning Editor | international personal finance, mortgages, small business
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Money is tight, and you’re looking for expenses to cut. Your mortgage payment is the biggest bite out of your paycheck, so that seems like a logical place to start.
Here are some options that may help you lower your monthly mortgage payment and important considerations about each one.
How to lower your mortgage payments
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- Then get a baseline of your expenses
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- Tax-advantaged investing
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- 4. There are many ways to accumulate points
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- The food
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- Certain beneficiaries, plus some investors
- 2. Organize your documents
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- 4. Most small islands are uninhabited
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- 3. You must have lived in the house for at least two years in the five-year period before you sold it
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- 6. Apply for college grants
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- Reviewing the results
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- Preventing better use of your money
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- 4. Pay your bill before your issuer reports to the credit bureaus
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- 3. Wells Fargo
- Additional functionality
- 4. Marriott points transfer to 40 airline loyalty programs
- Now move on to the budgeting
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- Why it’s the best
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- 5. You'll get immediate benefits just for signing up
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- 6. Confirm the check details and complete the deposit
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- Inside Hollywood Studios
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- Don't assume the home inspector can be held liable
- Sign-up bonus
- 6. Self-funding
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- You’re looking for a lower annual fee
- 4. You cannot have claimed the home sale capital gains exclusion recently
- Information you'll need to estimate your car's value
- Dividend tax rate 2023
- 3. Wells Fargo Bank: $1.68 trillion
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- Credit card rewards
- Price
- Moving forward
- How it all works together
- Trading vs. investing
- How much would refinancing save you?
- 4. Make biweekly payments
- Understanding your results
- How the qualified business income deduction works
- Comfort with investing products and strategies
- You want lounge access
- Storing your Bitcoins: Hot wallets vs. cold wallets
- How much liability coverage you need
- How ARM rates are set
- 7. Keep the check until it's processed
- The shows
- Booking Southwest flights to the Caribbean
- Costs
- 7. Venture capital
- Choose cars that hold their value
- 3. Land a brand deal and make sponsored content
- 5. You cannot have bought the house through a like-kind exchange
- 4. Fiverr
- Frugal home expenses tips
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- Part I: Income or Loss from Rental Real Estate and Royalties
- How do state taxes treat gambling?
- Watch out for scams
- How to get a liquor license in Alaska
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- 4. Take surveys for money
- You want to redeem points for travel directly
- 5. You can have more than one Marriott credit card
- Individual stocks vs. funds
- Stay at a Universal resort
- How to freeze your child’s credit
- 4. Understand mutual fund fees
- Minimum wage increases
- Lowering your credit score
- Credit union personal loan rates
- 4. Barclays rewards
- 5. Monitor your total credit utilization
- Alternatives to savings accounts
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- What’s the right number of IRAs?
- Guarda: 4.6 out of 5 stars
- 3. Take stock of your assets and liabilities
- Growth stocks vs. dividend stocks
- When to expect your child tax credit refund
- ARM caps
- 5. The smallest islands only appear at low tide
- Other FNBO credit cards
- Expect dynamic pricing
- 0% intro APR offer
- Your money management style
- Check leasing specials
- 6. You cannot be subject to expatriate tax
- Dividend tax rate 2024
- Terminal 3: Escape Lounge
- Cheap auto insurance after an accident
- SEP IRA vs. Roth IRA
- Generational attitudes and comfort
- You like Capital One’s travel portal
- 6. Award stays include a 5th night free
- 3. The Electronic Federal Tax Payment System (EFTPS)
- The rides
- When you should choose Delta Choice Benefits
- 8. Angel investors
- The catch: Your health plan's network
- Which card is right for you?
- 5. Pay off capitalized interest
- Best insurance company for affordability: NJM
- 6. High-yield checking accounts
- What is the median household income in the U.S.?
- Buy Medicare Supplement Plan F during Medigap open enrollment
- 5. Gather your paperwork
- Why did First Republic Bank fail?
- Why it’s the best
- Downsides to CD ladders
- How did we determine the value of American miles?
- Consider other accommodations
- How to get a liquor license in Arizona
- How do fleet cards work?
- 4. U.S. Bank
- Bonus features
- Price the car
- 6. Marriott credit card perks go beyond mere points
- Try a worksheet or app
- Escape Lounge
- What part of my income gets taxed by California?
- 4. Citibank: $1.01 trillion
- Next steps
- How to get maximum value from Marriott free night awards
- Irrevocable life insurance trusts (ILITs)
- Step 2: Register your business
- Is an FNBO credit card right for you?
- How do you buy 10-year Treasury notes?
- 9. Small-business grants
- In network
- 4. Sell some merch
- How to report dividend income on your taxes
- How to pay off a car loan early
- You want trusted traveler program credit
- For the uninsured
- Exodus: 4.5 out of 5 stars
- 2024 child tax credit news update
- 6. New islands are still forming
- Partner perks
- Account linking
- Get quotes from dealers
- When should you freeze your credit?
- 5. American Express Membership Rewards
- Alternative CD ladder structures
- Need more auto liability insurance? Grab an umbrella
- 7. It's free
- When did all of the tech layoffs start?
- 5. Make money from your blog with affiliate links
- 10. Crowdfunding
- Out of network
- Calculating capital gains tax on a home sale
- 6. Stick to the standard repayment plan
- 5. Upwork
- Make a lump sum payment
- SIMPLE IRA vs. SEP IRA
- Trusted sources of information
- How to get a loan from a credit union
- Full list of the best car insurance in New Jersey
- Mini CD ladder
- Credit cards for earning American AAdvantage miles
- Part II: Income or Loss From Partnerships and S Corporations
- 4. Research your industry
- How to get a liquor license in Arkansas
- Expect to pay fees for both cash and award fares
- Do you pay tax on T-notes?
- How to control your dividend tax bill
- Am I a resident for California state tax purposes?
- 6. Pick your investments
- Why did Silicon Valley Bank fail?
- Which card should you get?
- Favorable award rates compared with other airlines
- Shopping/travel/fraud protections
- 5. Citibank
- Security
- 11. Business credit cards
- Set the lease terms
- 5. Offer memberships
- Watch the calendar
- Resident status rules
- 5. U.S. Bank: $646.73 billion
- Cheapest car insurance after a DUI
- Where to find the best savings accounts
- Coinbase Wallet: 4.4 out of 5 stars
- Uneven splits
- The food
- Fleet expense management tools
- If you want to know about the small islands of Hawaii
- Next Steps
- Keep budgeting and communicating
- Cons of a credit freeze
- 5. Manage your mutual fund portfolio
- Make biweekly payments
- 6. Capital One Rewards
- If you’re thinking of joining Hilton Honors
- More ARM terms to know
- How to get a liquor license in California
- Which type of life insurance should I put in a trust?
- Choice Benefits on Delta recapped
- Shopping
- Close the deal
- Doing the math on copays, coinsurance and deductibles
- 7. Use 'found' money
- Is the Universal Express Pass worth it?
- Set cash aside
- U.S. Bank Cash+® Visa Signature® Card
- Why you can trust NerdWallet
- Small-business valuation methods
- Checking in for your Southwest Caribbean flight
- 6. Sell your wares on Etsy
- Customer support
- How to fund a startup
- Terminal 4: Priority Pass dining
- Consumer takeaways
- Credit union vs. online lender
- How much does liability insurance cost?
- 4. Debit card
- How quickly could the IRS implement the child tax credit expansion?
- How to get a liquor license in Colorado
- The bottom line
- Fleet fuel cards: benefits and drawbacks
- Travel
- Prudence's policy:
- Our pick for: Cell phone and internet bill payments
- Pay extra on your monthly car payment
- Part III: Income or Loss From Estates and Trusts
- Income approach
- You can refinance an ARM
- Hollywood Studios vs. Animal Kingdom
- 6. PNC Bank
- How much money can you make on YouTube?
- Will you owe capital gains taxes on your home sale?
- Best insurance company for accident forgiveness: Geico
- Consider using a retirement account
- 6. OfferUp
- Priority Pass discount: Kafe Kalik
- Credit freeze or credit lock?
- Part-year resident status rules
- 7. Citi ThankYou Points
- Trust Wallet: 4.3 out of 5 stars
- CD ladder alternative for more risky investments
- Drawbacks of transferring to ANA
- Consequences of a child tax credit error
- How to get a liquor license in Connecticut
- Fraud
- User experience
- Scenario: Doctor visits and an MRI
- 7. You’ll need high credit to improve your chances of approval
- 6. PNC Bank: $551.13 billion
- Why did Signature Bank fail?
- No one-way award flights
- Benefits
- Step 3: Price your services
- Another way to save on interest without paying off your car loan
- Cheapest auto insurance for poor credit
- Your perfect ladder
- How to get a liquor license in Delaware
- Visa or Mastercard perks
- 7. Self-publish an e-book
- Reviews
- 8. Your shopping habits can decide the best card for you
- How to avoid capital gains tax on home sales
- Who can access your frozen credit reports?
- Important considerations when opening a Roth IRA
- Methodology
- Part IV: Income or Loss From Real Estate Mortgage Investment Conduits (REMICs)
- Asset-driven approach
- Unpredictable transfer times from AmEx to ANA
- If you want to visit Animal Kingdom or Hollywood Studios
- Drawbacks
- 1. Live in the house for at least two years
- Nonresident status rules
- 8. Bank of America® rewards
- MetaMask: 4.0 out of 5 stars
- State child tax credits
- How to get a liquor license in Florida
- Earn points faster with a credit card
- 7. TD Bank
- After deciding
- Universal Express Passes, recapped
- Fort Lauderdale airport lounges recapped
- Next steps
- Fuel card vs. business gas credit card
- Scenario: Trip to the ER
- Earn an audience, and earn more in the long run
- 2. See whether you qualify for an exception
- 7. Poshmark
- What’s happening with Silvergate Capital Corp.?
- How to get a liquor license in Georgia
- 7. Goldman Sachs: $463.99 billion
- Market approach
- What is the $500 credit for other dependents (ODC)?
- Paired up
- 8. Get advertising revenue from your blog or YouTube channel
- If you’re considering a Marriott credit card ...
- 3. Keep the receipts for your home improvements
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Refinance to a lower rate
Refinancing your mortgage to take advantage of lower interest rates is one way to lower your monthly payment.
You’ll need adequate home equity to qualify for a refinance, in addition to meeting other requirements. Equity is the market value of your home minus what you still owe on the mortgage. You’ll also need to be prepared to pay refinance closing costs.
Traditional guidance suggests refinancing is worth it if you can lower your rate by 1 percentage point. It’s possible to meaningfully lower your monthly payment with a 0.5- to 0.75-point decrease, depending on how much the refinance will cost you and when you’ll reach the break-even point on those costs.
Refinance to a longer term
Gaining more time to repay is another popular reason for refinancing. If you've made payments on a 30-year loan for a few years, for example, you could refinance the remainder back out to 30 years. This would likely result in a lower monthly payment amount.
But refinancing into another 30-year mortgage means you'll pile on additional interest charges, especially if you've been making monthly payments for a significant amount of time. So, weigh the pros and cons of this option carefully to be sure that it's the best way to reduce your monthly mortgage payments.
Apply for mortgage forbearance
If you experience a short-term financial setback and worry you’ll be unable to afford your monthly mortgage payment, a forbearance agreement may provide temporary relief.
During mortgage forbearance, your lender may agree to suspend or lower your mortgage payments for a specific period of time. At the end of the forbearance period, payments resume as normal, and you may have to make up the missed amount in some way.
If you’re interested in forbearance, it’s important to contact your lender before missing a payment, not after.
Apply for loan modification
If you've experienced a severe financial hardship and your mortgage payment is no longer affordable, a loan modification may be an option. That’s when a lender restructures your loan in some way to lower the monthly payment.
You don't have to be behind on mortgage payments to request a loan modification from your lender. In fact, if you're facing an imminent reduction in income — for example, from the loss of a job or retirement — it's a good idea to reach out to your lender about potential loan modification in advance.
» MORE: What to do if you need help paying your mortgage
Eliminate mortgage insurance
All FHA loans and some conventional loans come with an added cost — mortgage insurance. Eliminating your mortgage insurance premium results in a lower monthly payment.
To rid yourself of FHA mortgage insurance, you’ll typically need to refinance into a conventional loan.
To cancel private mortgage insurance (PMI) — required on conventional loans when the down payment is less than 20% — you’ll need to contact your lender and prove you have sufficient equity. You can also refinance to get rid of PMI.