Refinancing of Residential Real Estate in the Greater Philadelphia Region

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How to Save Money By Reducing The Repayment Term of Your Loan

If you are paying more than 7.00% on your current mortgage, you should consider refinancing to reduce the term of your loan from 30 to 20, 15, or 10 years. You may be able to save hundreds and thousands of dollars over the life of the mortgage. You may be able to lower your monthly payment also, as the following examples show: .

Amount of Loan: $150,000
Current Term: 30 Years

Current Interest Rate: 8.75%
Principal and Interest Payment: $1,075

New Interest Rate: 6.25%
New Term: 15 Years
New Principal and Interest Payment:$1,286

 $1,075 x 360 months = $387,000

$1,286 x 180 months = $231,480

Over the life of the loan, that's a savings of

$153,520

Amount of Loan: $220,000
Current Term: 30 Years

Current Interest Rate: 8.25%
Principal and Interest Payment: $1,652

New Term: 20 Years
New Interest Rate: 6.75%
New Principal and Interest Payment: $1,672

 $1,652 x 360 months = $594,720

$1,672 x 240 months = $401,280

Over the life of the loan, that's a savings of

$193,440

Other Ways to Save Money By Refinancing Your Mortgage

Lowering the Monthly Payment On Your Mortgage

Putting the Equity in Your Home To Work For You

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