40-Year Mortgages: An Alternative to Interest-only Loans?

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Let's look at the numbers:

For a $250,000 loan with a fixed interest rate of 5.75% and a term of 30 years, the monthly payments would be $1,458.93; but a borrower could save $83.40 a month by taking out a Fixed 40-year mortgage. Even at a higher interest rate of 6.00%, the monthly payments would be just $1,375.53.

The monthly savings comes with an increase in overall interest:

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If a borrower were to keep the Fixed 40-Year Mortgage for the entire term and make the minimum monthly payments, they would pay approximately $135,000 more in interest.

40-Year Mortgages may be attractive to those borrowers uncomfortable with adjustable rate periods or who have difficulty qualifying under the stricter guidelines of an interest-only loan, however, it is important to understand the impact a 40-Year term will have on the overall cost of your loan.

As always, it's best to consult with your trusted loan professional. They can help you understand your options and determine which loan product is best for you.

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About the Author

Chris Rocks is a successful Mortgage Consultant and writer based out of Chicago, IL.

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Website URL: http://www.loansbyrocks.com

Contact Email Address: chris@loansbyrocks.com

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