Do you just pay the same amount for say a 25 year term give or take interest rates?
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Generally, with a fixed rate, your payments are level, but in the beginning most of the money goes towards interest. This gradually shifts to more of the payment going to principle with every payment. At the end, at the actual payoff, you will owe a little bit more interest depending on payment timing. The best strategy at this point is to pay a little more than they ask for, and let them refund you the difference. Otherwise you get into this frustrating loop where they can’t close out the loan until you pay lets say two more days worth of interest, then by the time you get this money to them, you owe a little more and so on.
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