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Reducing your mortgage term can save thousands of dollars in interest payments.
Even shortening a thirty year mortgage by five years can save a large amount of money. In general, shorter term mortgages also have lower interest rates than the thirty year fixed. The chart below shows the amount of interest savings compared to a thirty year mortgage loan. For comparative figures the interest rate is calculated at 6.5% for all terms.
Reducing Your Mortgage Term From a 30 Year
Can Save You Tens of Thousands of Dollars
$100,000 Loan Amount
In the above chart, by reducing a thirty year mortgage to a twenty-five year mortgage a consumer’s monthly mortgage payment would only be $43.14 higher but would save $24,982.34 in interest payments.
How Can You Get Started?
Complete the online form and an Associate will contact you within 24 hours. They will do a Term Reduction Comparison for you. They will be able to evaluate the Home Loan amount that you qualify for and calculate your monthly savings. It’s FAST, it’s FREE and there is NO obligation!
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