Even if you keep your loan for 30 years, if you don’t want to pay the whole 30 years, you can 1) continue to pay what you’re paying, which will reduce 30 years down to less than the # years you have left on your current loan or 2) you can pay the new lower payment amount and after the end of your current loan, you can take the $ you saved and pay off the rest of the loan. You can do 1 or 2 and you’ll be paying less interest over the same span of time.
