Short term mortgage Vs. Long-term mortgage

Short term mortgage Vs. Long-term mortgage

Normally every investor or client thinks that it is better to take out long term mortgage. But they find difficult to save . They find it easy to pay in the short term . So the best advice is to buy short term mortgage.
Actual mortgage calculations are shocking. A 30 year loan of 100,000 at 10% will be paid back at 878 for 30 years. The required repayment will be more than double in interest only. The payment made in15 years will be less than 25%. Now if you calculate 15 year repayment. .It will be 1075 per month , which is only 197 more than the previous one. The total interest will be only 95000. So there is a saving of 120000 against the 30 yr mortgage.
Tip : save more money by paying intermittent extra installments. You can pay back faster and save proportionate interest.
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