Not Financial Advice: Mortgage monthly payment depends on the amortization period and the current interest rate.
At 4% interest rate, your monthly repayment for a $280,000 mortgage is $2,071.13.
- $2,071.13 (paying $372,803.40 in total of which $92,803.40 would be interest) = 15 years
- $1,696.74 (paying $407,217.60 in total of which $127,217.60 would be interest) = 20 years
In the news are five ways you can pay down your mortgage faster. Find out more from AZ Central.