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Financing Options

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Loan
Options		 Loan
Term		 Interest
Rate		 Monthly
Payment		 Interest Paid
Over Loan Life
Current 30 years 10% 877.57 215,925
Option A 30 years 8% 733.76 164,155
Option B 30 years 7% 665.30 139,509
Option C 15 years 10% 1,074.61 93,429
Option D 15 years 7.5% 927.01 66,862

Assume you’re currently financing $100,000 for 30 years at a fixed rate of 10 percent. Look at how choosing various refinancing options could save you money. Remember that this chart does not take into consideration initial refinancing costs, which you will need to weigh in your decision.
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Updated Friday, July 23, 2004
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