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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Can you put chunks of money toward paying it down? We can do that on ours for $150 to "reset" our mortgage each time. Same rate, only with less owed. It significantly reduces the interest paid over the life of the loan. We hope to pay it off completely in a few years.[/quote]

Are you just paying an extra $150 each month? What do you mean by paying $150 to “reset” each time?[/quote]

I think the PP meant to say they are recasting their mortgage, which keeps the same term and interest rate, but recalculates the monthly payment after they make a lump sum payment.  [/quote]

Recasting just keeps the mortgage just as long. Just lowers monthly payment [/quote]

Exactly. It’s a great option if one is able.  It can be financially wiser (think various deductions)to keep a mortgage vice fully paying off, and this allows you to get the mortgage monthly lowered to a viable monthly in retirement.

Also, it’s more common now that people cannot afford SFH till in their 40s.  Not abnormal at all to get a mortgage then.  [/quote]

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