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20 Year Fixed Rate
Mortgage
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| If you are not sure that you can afford the
payments of a
15 year fixed mortgage or you do not want to stretch your loan out to a
30 year fixed or
40 year fixed rate product, then a 20 year mortgage program might be
right for you. 20 year home loan programs have become increasingly more popular
in recent years by providing a happy medium between long term and short term
fixed rate products. Typically, the rates for these loans fall somewhere
between their 15 year mortgage and 30 year fixed counterparts. |
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| Let’s take a look at a sample scenario of how a 20
year fixed rate mortgage may stack up against other fixed programs – Sample
Fixed Rate Mortgage Loan Criteria: |
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| 20 Year Mortgage
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| 5.75% Mortgage Rate |
| $125,000 Loan |
| Monthly principal and interest payment: $877.60 |
| Total Interest Paid over life of loan: $85,625.05 |
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| 30 Year Mortgage
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| $125,000 Loan |
| 5.875% Mortgage Rate |
| Monthly principal and interest payment: $739.82 |
| Total Interest Paid over life of loan: $141,335.81 |
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| 15 Year Mortgage
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| $125,000 |
| 5.625% Mortgage Rate |
| Monthly principal and interest payment: $1030.00 |
| Total Interest Paid over life of loan: $60,399.61 |
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| With the 20 year home loan, you shave off some of
your monthly payment compared to the 15 year fixed. Plus, you save tens of
thousands of dollars in interest by shortening the term of the loan from a 30
year program. |
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Best 20 Year Fixed Rate
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| When is comes to some of the best 20 year fixed
rates on the market, look no further than AAXA Discount Mortgage. We work with
a select group of the country’s top wholesale lenders so that we can offer our
clients great low rates and a wide variety of financing options. Give us a call
today at 877-RATE-LOW (877-728-3569) for a free consultation. You can also
apply for a loan using our
online mortgage application. |
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| Other fixed rate products:
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10 Year Fixed Mortgage Rate
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15 Year Fixed Mortgage Rate
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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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