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40 Year Mortgage or 40/30 Year Fixed Loan

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40 Year Mortgage or 40/30 Year Fixed Loan

The 40 Year loan is also called a 40/30. That means the loan is amortized over 40 years but due in 30 years. This helps to reduce the monthly payment, more than a 30 year fixed loan. However, the interest rate is a little higher due to increased risk.

Example:

Loan amount: $417,000

Interest rate: 6.25%

30/30 year fixed loan, the monthly payment: $2567.54

40/30 year fixed loan, the monthly payment: $2367.47

 



 

 


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