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How many times has someone told you that the longer you take to repay a mortgage (the Amortization period) the more interest you will pay?
See for yourself just how true that statement is.
Enter any mortgage amount, interest rate and amortization period and this calculator will determine your monthly principal & interest payment and the total amount of interest that you will pay over the amortized period.
Next, enter a smaller amortization period, click Calculate Now and witness for yourself the interest savings available to you.
Bottom Line: You will have to lower the Amortization period
and pay a higher monthly principal and interest payment in
order to realize interest savings.