How Interest Rates Affect Your Costs

It's not rocket-science. The more you have to pay in interest, the more your mortgage will cost you over it's life. But most people don't realize just how much difference even a small difference in interest rate can make, particularly if you've amortized your mortgage for 20 years or more. Let's look at the interest you'll pay on a $200,000 mortgage amortized for 20, 25, 30 and 40 years, at a … [Read more...]