When it comes to buying a home is it better to pay 30 years or 20 years on you mortgage? Usually comes down to what’s affordable right? Well the longer the term the more the interest and the less principal in each payment. Interest in a long term mortgage has more interest at the front of the loan than at the back of the loan. When you look at the numbers you just might be able to pay down that first home in 20 years, build the equity and take it to the next house if you so choose. What if the numbers told you for $175 more a month you can save $50,000 in interest and pay your home down 10 year sooner on a financed amount of 175k? Many times the difference is even smaller depending the loan size, but ask Hippo about all your options when considering buying a home and pick the right option for you and your family. We are open for questions.
Posted on: Wed, 23 Jul 2014 15:41:23 +0000
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