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10 Year Fixed Mortgage
Rate
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| If you are looking for the security of a fixed
rate mortgage and are planning on paying off your loan quickly, then a 10 year
mortgage might be the right program for you. 10 Year fixed rate loans tend to
be the lowest of all fixed rate products. You may also save a tremendous amount
of interest over the life of the loan due to the shortened duration of the
mortgage and rapid pay down of principal. If you can afford the payments, then
we say “go for it”. Let’s take a look at some of the numbers… |
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Sample loan comparison
between a 15 year fixed and a 10 year fixed rate loan:
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| For Example:
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| 15 Year Fixed
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| $100,000 Loan Amount |
| Note Rate: 5.50% |
| Monthly Principal & Interest Payment: $817.08 |
| Total Interest Paid Over the Life of the Loan:
$47,075.02 |
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| 10 Year Mortgage
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| $100,000 Loan Amount |
| Note Rate: 5.375% |
| Monthly Principal & Interest Payment:
$1,079.33 |
| Total Interest Paid Over the Life of the Loan:
$29,519.16 |
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| Total Interest Saved with ten year mortgage:
$17,555.68
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| As you can see, you could save a considerable
amount of money by simply shortening the length of the loan five years. |
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10 Year Fixed Mortgage
Rate Loan – As an Alternative to a Line of Credit
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| People also may want to consider doing a cash-out,
10 year home loan refinance rather than taking out an adjustable HELOC or a
fixed rate stand–alone line of credit. If you owe very little on your current
loan or have paid off your house in full, then it may pay to consider the
benefits of a ten year mortgage. First of all, the ten year fixed mortgage will
likely carry a lower rate than the adjustable or fixed line of credit. Second,
you get to feel secure knowing that your rate will be locked in place for ten
solid years. You can contact AAXA Discount Mortgage at 877-RATE-LOW
(877-728-3569) or apply using our
online mortgage application. You can also check out many of our
lenders’ rates in the
Mortgage Quote Section of this web site. |
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| Other fixed rate products:
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15 Year Fixed Mortgage Rate
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20 Year Fixed Rate Mortgage
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30 Year Fixed Mortgage Rate
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40 Year Fixed Mortgage Rate
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50
Year Mortgage
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