Lowest First Mortgage Rates Online!
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Refinancing
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Why Refinance
your Mortgage Here's how much money shorter mortgage repayment 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.
1. On a Home Loan of $125,000 at 11% for 30 years, by prepaying a mere $25 monthly, save $47,538 in interest costs. Few if any investment gives you such a fantastic return for such a small outlay. What's more, you'll own your home free and clear almost 4 yrs sooner and you keep the $47,538 in your own bank. 2. If you borrow $100,000 over 30 years at 10.5% you will wind up paying $329,306 by the end of the loan. That's $229,306 more than you borrowed! This same Home Loan you will pay off in only 21 years 10 months. by using weekly payments. (savings of $82,093 in Interest alone)! 3. A 30 year fixed rate mortgage at 9.5% would cost you $202,708 in interest over the life of the loan. On a bi-weekly payment, you will shorten the life of the loan by 8 and a half years and only pay $132,931 in interest with savings of $69,777 in interest costs. 4. Example Using a $100,000 Loan At 8.5% Standard 30 Year Loan Current payment PITI $1000 Total Interest $176,811 $500 Bi-Weekly** Paid off in 21.2 Years Total Interest Paid $115,784 You Save $61,027 |
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You can refinance a mortgage, apply for a home loan, consolidate loans, pay off credit card debt with a home equity loan, or just compare free mortgage quotes for your amusement and edification!
Here's how much shorter mortgage terms can save you in interest, based on a first mortgage Home Loan of $100,000. Rates are fixed and monthly payments show principal and interest only. The interest savings represent savings vs. a 30-year first 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
The power of compound interest is astounding. You may be able to save this kind of money on your Home Loan if you click to compare and receive the Lowest First Mortgage Rates Online!
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