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yahoo mortgage payment calculator

January 16th, 2010 by admin


Why is it more expensive for a mortgage of 20 years of a 10 year mortgage?

I used the mortgage calculator Yahoo Real Estate and the calculation of a 10-year mortgages at 6.5% interest for $ 31,000.00 and gave me a monthly payment from $ 352.00 to $ 168.00, including interest. Then calculate a mortgage of 20 years also has an interest of 6.5% to $ 62,000.00 and me given a monthly payment of $ 462.00 to $ 336.00, including interest. Why is it more for the loan in 20 years? I understand that the interest is higher in larger quantities, but should not the same payments from the time the loan is twice as long?

In short, more you must pay on a mortgage, plus interest on your loan to acquire, lest the time you have to pay a mortgage that the interest for the purchase loan.

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