What do the recent mortgage changes mean to your bottom line?

Here a quick calculation on the impact of the recent amortization changes on a $300,000 mortgage using an interest rate of 3.09% (the current five year fixed mortgage rate)...

Monthly payment with a 30 year amortization: $1,276.21

Monthly payment with a 25 year amortization: $1,433.63

This works out to a difference of $157.42 per month!

Want to play around with some more numbers? Go to the mortgage calculators section of my website!