Mortgage loan question?

What will happen in this scenario?

If you get a 30 year mortgage at say 3.50% over 30 years borrowing $400 000.

Then in two years time the interest rate goes down to 3 00% you have paid off $20,000 of what you owe, And you renew it at 3.00%.

Will you still be be paying back as 3.00% of $400, 000 or will it drop down to $380,000 since you've paid back 20,000
Mortgage loan question?
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