If your current mortgage rate is pretty good, there could still be a way for you to lower your mortgage payment. If you have a large chunk of cash sitting around not gaining much in interest, putting that money to your mortgage might be a good option. First, ask your mortgage holder if they offer what is called a mortgage Recast option, and if they do, ask them if there is a fee. I have Wells Fargo, and they do not charge anything. Recasting a mortgage is when you make a very large principal payment, and as a result, the mortgage lender re-amortizes your remaining balance. This means that the loan length and interest rate stay the same, but the payment gets lowered because you have decreased how much has to be paid off over the remainder of the loan years. For example, I currently owe about $123,000 on my mortgage. I pay $883 per month toward principal and interest, not counting the escrow (taxes and insurance). If I pay a one time payment of $50,000, my payment drops to $374 per month for principal and interest. This means I am obligated to pay over $500 less per month, which can be a life saver in case of hard times later. If I continue to pay my normal payment after making that large principal payment, my loan will be paid off years earlier. Or, I could invest that extra $500 per month, potentially making tons of extra money over time. That same $50,000 is only earning about $20 per month in interest in a savings account right now, so it seems like a good time to consider putting the money somewhere that it can at least save me money in interest.