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Here's how much shorter mortgage terms can save you in interest, based on a loan of $100,000. Rates are fixed and monthly payments show principal and interest only. The interest savings represent savings vs. a 30-year mortgage.
Loan Term Rate Mo Payment Total Int Interest Savings
30 years......7.75%...$716.41...........$157,908.......$0
20 years......7.50%...$805.59...........$93,342.........$64,566
15 years......7.19%...$909.48...........$63,706.........$94,202
10 years......7.00%...$1161.08.........$39,330.........$118,578
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