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How much interest is saved on a 15-year loan versus a 30-year loan?

April 26, 2017loan Saved versus

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How much interest is saved on a 15-year loan versus a 30-year loan?

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The amount saved is dependent upon the amount borrowed and the interest rate charged, but on average, the savings can be up to 60%! For example, interest charged on a $350,000 loan for 30 years at 8.0% would be $574,543, but the interest charged on a $350,000 loan for 15 years at 8.0% with an interest total of $252,060, a savings of approximately 44%.