http://primomortgageloans.com/ visit us to apply for the lowest mortgage rates.

To sum up what is in the video, Let’s do the math (we used the mortgage loan caluclator on our website to get these numbers)…

On a standard $350,000 mortgage loan

* 30yr mortgage at 6.7% average

MONTHLY PAYMENTS
$2,258.47

TOTAL PAYMENTS
$813,050.25

TOTAL INTEREST PAID (that’s more interest than loan!)
$463,050.25

Now, let’s refinance that interest rate to 4.2% and see what happens…

* 30yr mortgage at 4.2%

MONTHLY PAYMENTS
$1,711.56

TOTAL PAYMENTS
$616,161.64

TOTAL INTEREST PAID (better)
$266,161.64

Now, let’s try switching to a 15 year mortgage…

* 15yr mortgage at 4.2%

MONTHLY PAYMENTS
$2,624.13

TOTAL PAYMENTS
$472,342.72

TOTAL INTEREST PAID (best yet!)
$122,342.72

By refeinancing and reducing the interest rate by 2% or so, the numbers really show improvement. When you choose a 15 year mortgage, the payments may be a little higher but you save SO MUCH in overall interest.

Visit our website to crunch your own numbers and find tips on how to get the lowest mortgage rate when refinancing (new home loans included).

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