30 or 20 Year Term Comparison

• More Interest Paid
• Lower Monthly Payments
• Slower to Build Equity
• Higher Interest Rate

• Less Interest paid
• Higher Monthly Payments
• Pays Loan Off 10 Years faster
• Lower Interest Rate

John secured a 30 year mortgage with a Loan Amount of $320,000 at a rate of 6.75%. His monthly Principle and Interest is $2075.51. 

Jane secured a 20 year mortgage with a Loan Amount $320,000 at a rate of 6.25%. Her monthly Principle and Interest is $2338.97.

Jane's payment is $263.46 higher than John's.

After 10 Years: 

- Jane Owes 208,315.80.

- John Owes 272,963.81.

After 20 Years:

- Jane's House is Paid Off

- John Owes 180,757.79

Jane's Finance Charge:

- $241,353.11

John's Finance Charge:

- $427,187.97

The rate and payment examples provided are for illustrative purposes only and do not constitute a commitment to lend or guarantee of any specific rate, term or program. Actual rates, APRs, and monthly payments may vary based on credit score, loan amount, loan-to-value ratio, property type, occupancy, and other factors determined at the time of application.