Amazing new 15 year loan. Goes away from a debt model to a ownership model. Borrow 200,000 for 30 years at 4%. Your Payment would be $955 a month. Of your first year of payments, 70% or almost $5,000 going towards interest. With this new loan you could buy your interest rate down to practically 0% for around $5,000. Your payment on the same loan of $200,000 would be around $1,110 a month. Just $155 more than the 30 year with 100% going to the principal. With this model its just a transfer of assets. Youre transferring $1,110 from your checking account into your home.
Posted on: Sun, 05 Oct 2014 20:16:58 +0000