Further clarification on what I DO understand... Yes, the mortgage payment will be the same unless you recast. Got that. The interest/principal breakdown will change each payment. Got that.
The proportion to which the breakdown changes and whether it is affected by extra principal payments, that was my original question. And it seems overwhelmingly that payments subsequent to an extra principal payment are indeed affected.
Now that you've all brought these points up, I see that my inquires to others were probably subject to much interpretation, would would explain such varied responses...
Another thing, I did misunderstand the recasting process. I thought it meant they'd recalc amortization with the loan ending earlier, not lowering the payment w/ the loan ending at the same time.
Anyway, so this is all very good. This means that going for a 30 year will probably allow the flexibility I want w/o being locked into an early payoff. Now, just need to find a house to buy... thanks all for the assistance!
The proportion to which the breakdown changes and whether it is affected by extra principal payments, that was my original question. And it seems overwhelmingly that payments subsequent to an extra principal payment are indeed affected.
Now that you've all brought these points up, I see that my inquires to others were probably subject to much interpretation, would would explain such varied responses...
Another thing, I did misunderstand the recasting process. I thought it meant they'd recalc amortization with the loan ending earlier, not lowering the payment w/ the loan ending at the same time.
Anyway, so this is all very good. This means that going for a 30 year will probably allow the flexibility I want w/o being locked into an early payoff. Now, just need to find a house to buy... thanks all for the assistance!