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August 2, 2014

August 2, 2014

Posted by **Shannon** on Sunday, March 27, 2011 at 5:59pm.

If instead your had a rate of 4.80% compounded monthly for 15 years, the monthly payment will be $390.21. How much do you pay in total for the $50,000 mortgage if you finance it for 30 years?

Total payment = ?

How much do you save (in total payments) if you finance for 15 years instead? ? dollars

- Math -
**Henry**, Tuesday, March 29, 2011 at 12:28pm$50000 @ 4.40% for 30 yrs.

Pt = $250.38/mo * 360mo = $90136.80

$50000 @ 4.80% for 15yrs.

Pt = $390.21/mo * 180mo = $70237.80.

Save: $90136.80 - 70237.80 = $19,899.

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