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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Hawkmoon who wrote (105983)12/31/2009 9:16:05 PM
From: Elroy Jetson  Read Replies (1) of 116555
 
The longer the mortgage, the less of the payment goes to pay down the principal.

If your Mom makes a $50k mortgage at 5% for 30 years the monthly payment is $268.41 for your cousin.

If he shortens the term of the loan to 25 years it's only $23.89 more each month at $292.30.

A 20 year loan is $329.28 per month. Only $60.87 more each month buys him ten fewer years of mortgage payments.
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