I received an inheretance of 60,000. What would happen if I use it to pay down my mortgage/

Hi,I recently received an inheretence of $60,000. I owe $291,000 on my current home.If I decide to take the $60 K and put it into my mortgage, does that automatically reduce my monthly payment? I like the current interest rate and I don't want to change it by refinancing. I'm not sure what happens when I pay down such a big payment?Help please!Thank you by jesswreight from Des Plaines, Illinois. Jan 20th 2010 Reply