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Save Thousands of Dollars on Interest Charges... |
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The information contained on this page could easily help you save thousands of dollars while you are evaluating the various possibilities of a mortgage loan. Today, the majority of individuals finance a new home with a 30 year loan. If you will simply reduce the number of years, you can substantially reduce the total amount of interest that you will pay during the entire loan period (see the following example). |
| Years |
Monthly Payment |
Interest Paid |
Percent of Int |
Interest Saved |
|---|---|---|---|---|
| 30 | $ 665.30 | $139,508.00 | 139.5% | |
| 25 | $ 706.78 | $112,034.00 | 112.0% | $ 27,474.00 |
| 20 | $ 775.30 | $ 86,072.00 | 86.1% | $ 53,436.00 |
| 15 | $ 898.83 | $ 61,789.40 | 61.8% | $ 77,718.60 |
| 10 | $1,161.08 | $ 39,329.60 | 39.3% | $100,178.40 |
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In the above example, you can realize a substantial savings of $53,436.00 by simply paying
the loan off in 20 years instead of 30 years. It's hard to believe, that there is only a
difference in the monthly payment of $110.00 ($775.30 - $665.30).
Click Here to display a graph that
demonstrates just how the principal of a loan is effected during a 30 year mortgage.
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The following chart is being provided to help you get an overall picture of what your monthly
mortgage payments would be. You'll find the loan amounts listed down the left side of the
chart and the interest percentages are listed across the top. There are two different payments
located in each section. The amount at the top shows the monthly payment for a 30 year loan
and the bottom amount shows the monthly payment for a 15 year loan. These amounts include
principal and interest only.
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| Amount | 6.0% | 6.5% | 7.0% | 7.5% | 8.0% | 8.5% | 9.0% | 9.5% | 10.0% | 10.5% | 11.0% | 11.5% | 12.0% |
| $20,000 |
120 169 |
126 175 |
133 180 |
140 185 |
147 191 |
154 197 |
161 203 |
168 209 |
176 215 |
183 221 |
190 227 |
198 234 |
206 240 |
| $30,000 |
180 254 |
190 261 |
200 270 |
210 278 |
220 287 |
231 295 |
241 304 |
252 313 |
263 322 |
274 332 |
286 341 |
297 350 |
309 360 |
| $40,000 |
240 338 |
253 348 |
266 360 |
280 371 |
294 382 |
308 394 |
322 406 |
336 418 |
351 430 |
366 442 |
381 455 |
396 467 |
411 480 |
| $50,000 |
300 422 |
316 436 |
333 442 |
350 464 |
367 478 |
384 492 |
402 507 |
420 522 |
439 537 |
457 553 |
476 568 |
495 584 |
514 600 |
| $60,000 |
360 507 |
379 523 |
399 539 |
420 556 |
440 573 |
461 591 |
483 609 |
505 627 |
527 645 |
549 663 |
571 682 |
594 701 |
617 720 |
| $70,000 |
420 591 |
442 610 |
466 629 |
489 649 |
514 669 |
538 689 |
563 710 |
589 731 |
614 752 |
640 774 |
667 796 |
693 818 |
720 840 |
| $80,000 |
480 675 |
506 697 |
532 719 |
559 742 |
587 765 |
615 788 |
644 811 |
673 835 |
702 860 |
732 884 |
762 909 |
792 935 |
823 960 |
| $90,000 |
540 760 |
569 784 |
599 809 |
629 834 |
660 860 |
692 886 |
724 913 |
757 940 |
790 967 |
823 995 |
857 1,023 |
892 1,051 |
926 1,080 |
| $100,000 |
600 844 |
632 871 |
665 899 |
699 927 |
734 956 |
769 985 |
805 1014 |
841 1,044 |
878 1,075 |
915 1,105 |
952 1,137 |
990 1,168 |
1,029 1,200 |
| $125,000 |
749 1,055 |
790 1,089 |
832 1,124 |
874 1,159 |
917 1,195 |
961 1,231 |
1,006 1,268 |
1,051 1,305 |
1,097 1,343 |
1,143 1,382 |
1,190 1,421 |
1,238 1,460 |
1,286 1,500 |
| $150,000 |
899 1,266 |
948 1,307 |
998 1,348 |
1,049 1,391 |
1,101 1,433 |
1,153 1,477 |
1,207 1,521 |
1,261 1,566 |
1,316 1,612 |
1,372 1,658 |
1,429 1,705 |
1,485 1,752 |
1,543 1,800 |
| $175,000 |
1,049 1,477 |
1,106 1,524 |
1,164 1,573 |
1,224 1,622 |
1,284 1,672 |
1,346 1,723 |
1,408 1,775 |
1,472 1,827 |
1,536 1,881 |
1,601 1,934 |
1,667 1,989 |
1,733 2,044 |
1,800 2,100 |
| $200,000 |
1,199 1,688 |
1,264 1,742 |
1,331 1,797 |
1,399 1,854 |
1,468 1,911 |
1,538 1,969 |
1,609 2,028 |
1,682 2,088 |
1,755 2,149 |
1,829 2,210 |
1,905 2,273 |
1,980 2,336 |
2,057 2,400 |
| $225,000 |
1,349 1,899 |
1,422 1,960 |
1,497 2,022 |
1,573 2,086 |
1,651 2,150 |
1,730 2,215 |
1,810 2,282 |
1,892 2,349 |
1,975 2,417 |
2,058 2,487 |
2,143 2,557 |
2,228 2,628 |
2,314 2,700 |
| $250,000 |
1,499 2,109 |
1,580 2,178 |
1,663 2,247 |
1,748 2,317 |
1,835 2,389 |
1,922 2,462 |
2,012 2,535 |
2,102 2,610 |
2,194 2,686 |
2,287 2,763 |
2,381 2,841 |
2,476 2,920 |
2,571 3,000 |
| Amount | 6.0% | 6.5% | 7.0% | 7.5% | 8.0% | 8.5% | 9.0% | 9.5% | 10.0% | 10.5% | 11.0% | 11.5% | 12.0% |
