Find out how a 25 year mortgage can help you save MORE!

Posted by

If you are looking into different mortgage financing options, you may find yourself doubting the difference or wondering if a 25 or 30 year mortgage might be the right option for you. There are many reasons why a 25-year mortgage might be the best option for you, such as being able to save on interest, pay off the loan faster, and build equity in your home faster.

Let’s do the math.

Let’s use a $ 300,000 loan as an example. If you receive a 30-year mortgage with an interest of 5.250% in April *, the principal and interest payment would be approximately $ 1,656.62. Multiply that payment by 360 (30 years of payments) you get a total payment amount of $ 596,383.20.

Now we do the same thing for a 25 year loan using an interest rate of 4.625% APR *. Making this calculation gives us a monthly payment of $ 1,688.85. When we multiply this by 300 (25 years of payments) we get a total payment amount of 506,655.00.

What is the difference?

In this example, we can see that you could save a total of $ 89,728.20, get out of debt five years earlier, and pay just $ 32 more each month.

Right now, you can take advantage of our special limited time 25 year mortgage. Stay up to date on special rates of by visiting our rates page.

Talk to a mortgage specialist

Calculate a payment

* The Annual Percentage Rate (APR) is for illustrative purposes only and does not necessarily reflect any actual rates offered. The illustrative example does not include SMEs, taxes or insurance and the payments will be higher. The amount of proven savings should not be counted as the actual savings you will receive.

This article was published by: Admin by title: Find out how a 25 year mortgage can help you save MORE!


.

If you like the information in this article, please write your opinion in the comments column.

Column comments available for discussion, sharing ideas and knowledge. Respect other readers with good and polite language. Stay on topic. Do not attack or spread hatred against certain ethnic groups, religions, races, or groups. Think carefully before posting a comment.

Please write your comments according to the topic of this news page. Comments that contain SPAM! will not be displayed until it is approved by our team.(comment nicely and politely)

IMPORTANT!!! If you want to take content from our site, please include the source of our article My Loan

Tim Editor: Omar, Shaqueena, Bilqis

Leave a Reply

Your email address will not be published. Required fields are marked *

Categories

Tags

There’s no content to show here yet.