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Price :

5$ 20$

Most people end up paying far more for their mortgage than they really should. In the
first place there seems to be a kind of universal rule that the mortgage term should last
over 25 years - the idea of this is obviously to keep the monthly expenditure to a
minimum. But have you ever considered how much you could save if you reduced the
term to only 20 years?
The amount you save will depend on which type of mortgage you have. For instance,
on an endowment mortgage where you only pay interest on the loan, the amount of
interest paid is the same each month regardless of the term of the mortgage. However,
the endowment policy, if taken over 20 years instead of 25 years can have a
surprisingly small increase in monthly payment. The total amount put into the
endowment policy can therefore end up being considerably smaller - the extra
monthly amount totalling much less than the extra five years worth at the lower
monthly rate.

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