Create more room in your monthly budget.
See what may lower your payment, what it could cost and how each option works.
What are you trying to lower?
Start with what's driving your monthly payment. We'll help you explore strategies commonly used for your situation.
Three ways to lower your monthly payments
A lower payment usually comes from changing your rate, your repayment period, or how your debts are structured.
| Strategy | How it lowers your payment | Examples |
|---|---|---|
| Get a lower rate | Less interest can mean a lower monthly payment | Personal loan, home equity loan, HELOC, balance transfer |
| Take more time to repay | Spreading repayment over more months can lower the amount due each month | Personal loan, home equity loan |
| Combine your debts | Replace several payments with one new payment that may be lower | Debt consolidation loan, home equity loan |
Options to lower your monthly payments
Every option changes your payment, your total cost, or both. Here's how they compare.
| Strategy | How it works | May fit when | |
|---|---|---|---|
| Consolidate debt | Combine multiple debts into one monthly payment | You have several higher-rate debts | That's me |
| Refinance a loan | Replace an existing loan with one that may have a lower payment. | A new loan could improve your rate or repayment term | That's me |
| Transfer credit card balances | Move card debt to a lower-rate or introductory offer | You can pay down card debt during the lower-rate period | That's me |
| Change your repayment plan | Adjust how and when your debt is repaid | Your current payment is hard to manage | That's me |
| Use home equity | Use home equity to pay off higher-rate debt | You own a home with available equity | That's me |
Common questions about lowering monthly payments
How can I lower my monthly payment without hurting myself long-term?+
Aim for a lower rate (refinance, balance transfer, consolidation) rather than just a longer term. That reduces the payment without ballooning total interest.
Does extending my loan term cost more?+
Usually yes. A longer term lowers the monthly payment but you pay more interest overall. It's a cash-flow tool, not a savings one.
Can I lower payments with bad credit?+
Options narrow, but hardship programs, income-driven student-loan plans, and secured borrowing can still help. Start with what you already qualify for.
Will lowering my payment affect my credit?+
Refinancing or consolidating adds a temporary inquiry; keeping payments on time and lowering balances helps over time.
Answer a few questions and we'll point you to the move that fits your budget.