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Monthly Mortgage Payment
There are a number of ways to get your monthly mortgage payment lowered. You will need a mortgage calculator handy to do some calculations and figure out your best options.
1. Refinance your mortgage to a lower interest rate.
Figure out what the current interest rates are. If they are better than what you have then figure out how much it will save you per month. Then talk to the bank about how much the closing fees would be to make sure it's worth the refinance.
2. Refinance to an ARM rate mortgage instead of your fixed rate mortgage.
Arm rates are lower than fixed rates because they have a higher risk involved. Even lowering your interest rate by 0.50% can save you a lot of money per month and over the course of the loan.
3. Refinance to extend your loan over 30 years.
If you have had your mortgage for over 5 years then you could save a lot of money per month by basically starting over with the new balance. Let's assume you started with a mortgage of $200,000 and you have paid it down to $185,000 over the past 5 years. Now you can refinance for $185,000 over 30 years which will be a much lower payment.
Use the mortgage calculator to weigh your different options and don't forget about the closing fees with the bank. It's not free to just refinance your mortgage. | 
