Mortgage News Articles
18 November 2010
One easy was to save $100,000 on a $250,000 mortgage
(Vancouver) - Mortgage brokers have urged consumers for years to shop around for their mortgage. Even a half percentage discount on a mortgage rate can put thousands of dollars back in their pocket over the term of their mortgage.
For example, the monthly payment for a $250, 000 mortgage at a closed 5-year rate of 3.99% and amortized over 35 years is $1, 100.53. Total interest paid over the term is $41, 168.20. Compare that to the same mortgage, but with a currently available interest rate of 3.45%. The monthly payment has now been reduced to $1,022.46. This is a saving of $6, 577 in interest over the term of the mortgage, plus an additional saving of $4, 680 in monthly payments – a total saving of $11, 257 over 5 years.
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