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HomeNewsMortgage Payoff Eliminates Up to 15 Years of Payments

Mortgage Payoff Eliminates Up to 15 Years of Payments

Mortgage Payoff Eliminates Up to 15 Years of Payments

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At LendingTree, we help you get the best possible deal on your loans, period. By providing consumers with multiple offers from multiple lenders within minutes, we make comparative shopping easier. And we all know that when lenders compete for your business, you win!

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Pay faster to save a ton

A mortgage is officially paid off when you pay off what you’ve borrowed – the principal. But, the amount of interest you remit to the bank is greatly affected by the time it takes you to make that final payment. In other words, you’ll be able to keep a lot more of your hard-earned money by doing one thing: pay off your mortgage faster. If you have a 30-year mortgage, switch to a 15-year mortgage. Sounds intimidating? It’s not, we’ll show you how.

Do the math (banks wish you didn’t)

It’s a simple equation, but bankers don’t want you to solve it. After all, the big banks earn millions of dollars in interest. Avoiding it is not something that is in their best interests (pun intended) to do.

Have you ever noticed the interest accrued on your credit card, car, or student loan statement and were shocked at the total you see? It happens to people every day! Take this account from a borrower writing on morningfinance.com: When he put a pencil on paper, it turned out that 72% of the monthly payment on a 30-year mortgage went directly into interest. By switching to a 15-year mortgage, he could save $ 159,447.09 in pure interest.

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Compare rates to get the most savings

You now understand that your savings depend on your interest rate. There is only one way to make sure that you are getting the best interest rate available, and that is to compare the rates of banks across the country. Does that seem impossible to you? Not with LendingTree. LendingTree puts banks in competition for your business. The LendingTree site is fast, the service is free, and the results are yours without obligation. What are you waiting for? Halve your 30-year mortgage today and thank us later.

Here’s how to do it:

Step 1: Start by clicking on the map below.

2nd step: Once you have answered a few questions, you will be able to compare quotes from several lenders!

Free payment estimate

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