The principal balance on your loan will drop to $213,250. Once it’s recast, you’ll get a lower monthly payment of $1,278, which is roughly $500 lower than your initial loan payment amount.

Mortgage rates are averaging 6.13% currently, but there are ways to get a rate below 6% this fall. Here's how.

10 Tips to Lower Your Mortgage Payment. Whether looking to purchase now or adjust your current mortgage payment, you have options. Take a look at these helpful tips to lower your mortgage payments. 1.

The difference between an 8% mortgage and a 3% mortgage on the same 30-year $400,000 loan is nearly $1,000 a month. That said, you should manage your expectations.

Mortgage rates closely track the yield on a 10-year Treasury bond, or the amount paid to a bondholder annually. Bond yields are shaped in part by expectations of inflation, some experts said.

The lender may even allow you to buy four mortgage points to lower the rate from 7% to 6%, although you'd have to shell out $16,000 to get there. ...

For example, on a $300,000 mortgage, a 15-year loan at 5.49% would have higher monthly payments than a 30-year loan at 6.13%, but you'd pay far less in interest overall and build equity much faster.

Housing is the biggest expense most Americans face each month, often taking up a third of their budget. If your mortgage is too large a piece of the pie, there are numerous ways to lower housing ...