40 Year Mortgage or 40/30 Year Fixed Loan Refinance
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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: $424,100
Interest rate: 6.25%
30/30 year fixed loan, the monthly payment: $2567.54
40/30 year fixed loan, the monthly payment: $2367.47