Watch now and learn the math behind how a 15-year mortgage can save you a ridiculous amount of money!
If you refinanced to a super low 30 year fixed mortgage in the last 3 years, you are probably good to go in terms of your rate. You will most likely not find a lower 30 year fixed rate today, since the market is up. However, it’s still highly probable to get a better interest rate by switching to a 15 year fixed mortgage.
If you can suck up the higher payment on the 15-year loan, the real savings, coupled with a lower rate, is the total mortgage interest paid out over the shorter loan term. The longer the term of the loan, the more in interest you will pay!
Get informed and learn the real math:
$400,000
30 year fixed @ 4.0% = $1,909
Total interest paid = $287,478
VS.
15 year fixed @ 3.5% = $2,859
Total interest paid = $114,715
INTEREST SAVINGS TO YOU: $172,763
By cutting the term of the loan in half, you are saving significantly. If you can swing the higher payment now, you are setting yourself up to save a lot of money LONG TERM!
Please call or email me anytime to do a comparison of your current loan vs a 15 year fixed mortgage and I will show you how much money you will potentially save by making the switch.
Best regards –
Your favorite Mortgage Team @ DiVita Home Finance, Inc.
Michael DiVita
President / Broker of Record/ Mortgage Broker
NMLS 241655 / BRE 01372066
Toll Free (800) 239 – 1103
mike@MyCAHomeLoan.com
About Michael
Michael DiVita, President of DiVita Home Finance, Inc., is a 20-year veteran of the mortgage industry. He has been involved in thousands of loan transactions. Recognizing that the mortgage process needs overhauling, Michael has been investing in and leveraging technology to provide his clients a better mortgage experience. Please subscribe to his blog to receive weekly, relevant mortgage/real estate news.
