[header] How to lower your monthly mortgage payment [title] Refinance your loan. [step] The most common way to reduce monthly mortgage payments in the u.s. is to refinance your loan, or reduce your interest rate and change the length of your term payout. When you refinance, you are essentially replacing the existing loan with a new one. 
A new loan with a lower interest rate will help reduce your monthly payments. [substeps] Keep in mind that extending the term of your loan is often a poor financial decision, so it is best to avoid doing this if possible.