How can a shorter term save me money on a Fixed-Rate Mortgage?
By opting for a shorter term, you can save thousands of dollars in interest not only because you ll be paying off the loan sooner, but lenders generally offer better interest rates on shorter-term loans. And though your payment will be more each month, it may not be as much as you may think. The grid below illustrates the savings on a $100,000 loan at 8.5% interest.
By opting for a shorter term, you may can thousands of dollars in interest, not only because you’ll be paying off the loan sooner, but lenders generally offer better interest rates on shorter-term loans. And though your payment will be more each month, it may not be as much as you may think. The grid below illustrates the savings on a $100,000 loan at 8.5% interest.
By opting for a shorter term, you can save thousands of dollars in interest not only because youll be paying off the loan sooner, but lenders generally offer better interest rates on shorter-term loans. And though your payment will be more each month, it may not be as much as you may think. The grid below illustrates the savings on a $100,000 loan at 8.5% interest. Term Monthly Payment Total Interest Accrued 30 yr. $768.91 $176,808.95 15 yr. $984.74 $77,253.
By opting for a shorter term, you can save thousands of dollars in interest not only because youll be paying off the loan sooner, but lenders generally offer better interest rates on shorter-term loans. And though your payment will be more each month, it may not be as much as you may think. The grid below illustrates the savings on a $100,000 loan at 8.5% interest.
