| Fannie Mae Mortgage's |
20-Year Fixed-Rate Mortgage
Key Features:
You pay less interest over the life of your loan,
compared to a 30-year fixed-rate mortgage. For
example, on a $100,000 loan at 8.25 percent interest,
the 20-year fixed-rate mortgage can save you over
$65,000 in interest payments when compared to a
30-year mortgage.
Interest rate payments in the early years of the
mortgage are comparable to a 30-year fixed-rate
mortgage, allowing for a sizable mortgage interest tax
deduction.
Your monthly payments are less than for a 15-year
mortgage, allowing you a greater chance to qualify for
this type of mortgage.
Key Features:
You pay less interest over the life of your loan,
compared to a 30-year fixed-rate mortgage. For
example, on a $100,000 loan at 8.25 percent interest,
the 20-year fixed-rate mortgage can save you over
$65,000 in interest payments when compared to a
30-year mortgage.
Interest rate payments in the early years of the
mortgage are comparable to a 30-year fixed-rate
mortgage, allowing for a sizable mortgage interest tax
deduction.
Your monthly payments are less than for a 15-year
mortgage, allowing you a greater chance to qualify for
this type of mortgage.
Fannie Mae Mortgage
Solutions
Solutions
With a 20-year fixed-rate mortgage, you can build up equity in your home
more quickly than with a traditional 30-year mortgage and save interest over
the life of your loan. As with all fixed-rate mortgages, the interest on your loan
never changes, bringing you peace of mind that your principal and interest
payments will remain level over time. However, higher monthly mortgage
payments may make the 20-year fixed-rate mortgage more difficult to qualify
for compared to the 30-year fixed-rate mortgage.
more quickly than with a traditional 30-year mortgage and save interest over
the life of your loan. As with all fixed-rate mortgages, the interest on your loan
never changes, bringing you peace of mind that your principal and interest
payments will remain level over time. However, higher monthly mortgage
payments may make the 20-year fixed-rate mortgage more difficult to qualify
for compared to the 30-year fixed-rate mortgage.
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