A native of Mesa Arizona with over 25 years experience in real estate. Specializing in new/resale homes in the Mesa, Tempe, Gilbert, Scottsdale, Chandler, Phoenix, and surrounding areas. Realtor (R) and member of the local MLS. Need information on the housing market, weather, school districts, or would like a free information packet? Then just call or e-mail me.

Building A Better Community

QUESTION: What are the benefits of a shorter term loan?

ANSWER: Some homeowners choose fixed-rate loans that are less than 30 years in order to save money by paying less interest over the life of the loan. Example - a $100,000 loan at 8% comes to a monthly payment of about $734 per month. The interest alone would amount to $164,240.

The monthly payments on a 15 year loan would be about $956 per month, but the total interest paid would be $172,080, a savings of more than $92,000!

If you have a question, send it to me or call me and I'll try to answer it.

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