A Smart Way To Save A Bunch Of Money On Your Loan…

While rates are still relatively low I wanted to show you how smart it can be to reduce the term on your loan.

For instance, going from a 30 year loan to a 10 year loan will save you a BUNCH of money.

…money you could have accumulating in a retirement account, or sending your children to a good school, etc.

Take a look at the chart below. You can see the interest savings is significant.

The payment on a 10 year loan is roughly twice as high as a 30 year payment. …but if you can at all afford the payment it’s a very smart thing to do.

…just think of having your house completely paid off in 10 years!

Loan Amount	$100,000	$200,000	$300,000	$400,000
Interest Rate	3%	3%	3%	3%
Term	10 Years	10 Years	10 Years	10 Years
Principle & Interest Payment	$965	$1,931	$2,896	$3,862
Interest Paid Over Life Of Loan	$15,872	$31,745	$47,618	$63,491
Interest Savings On 10 Year Over A 30 Year Loan At 4.5%.	$55,996	$111,994	$167,989	$223,987
(Assume 80% loan to value ratio)

If you would like to see what your payment would be on a 10 year loan – give me a call or shoot me an email. I’ll be happy to help you out with it.

That’s it for today!

Have a good day today!  …and thanks for reading.