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10 Year Fixed

10 Year Fixed Mortgage Rate

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…

Sample loan comparison between a 15 year fixed and a 10 year fixed rate loan:

For Example:

15 Year Fixed
$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

10 Year Mortgage
$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

Total Interest Saved with ten year mortgage: $17,555.68
As you can see, you could save a considerable amount of money by simply shortening the length of the loan five years.

10 Year Fixed Mortgage Rate Loan – As an Alternative to a Line of Credit

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.


Other fixed rate products:
15 Year Fixed Mortgage Rate
20 Year Fixed Rate Mortgage
30 Year Fixed Mortgage Rate
40 Year Fixed Mortgage Rate
50 Year Mortgage
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