how do i stop the monthly payment from changing on a mortgage?

Question

The number in the box should be 781.05 - every month it changes to the wrong amount and I have to hit recalculate to reset it to the right amount.  What setting will lock the amount?  this is a fixed rate loan and the monthly payment stays the same for the 30 years..

bukeye · Answer

I have paid extra toward the principle but that does not change the terms of the loan and the monthly payment.   it just reduces the principle and overtime the loan is paid off earlier.  the 781.05 is a contracted monthly amount.  the monthly payment will never change for the life of the loan.  How do I lock the monthly payment and let the end date float closer to keep the monthly payment at the same amount?

Tom Young · Answer

Is that Current Balance correct?  Here's what I got when I entered the information:

Are there and adjustments in the balance of the loan that have been recorded in the loan register?