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 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 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 5.375% interest.
