How to save $50,000: Chop your mortgage

By Qiong (June) ZhangNo Comments

http://finance.yahoo.com/news/How-to-save-50000-Chop-your-hmoney-3306004623.html?x=0

The strategy: Refinance a 30-year mortgage to a 15-year loan.

Years to $50,000: Nine

You’ll save 60% more in interest by refinancing to a 15-year rather than a 30-year loan at recent rates — 4.3% for a 15-year vs. 5.1% for a 30-year loan. But your monthly payments will also rise, as you pay back more of the principal over a shorter term.

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