How to buy a home at half the market price If rising prices have you thinking twice about buying a home, here are some ways to purchase a home for half the price. Yahoo Homes By Sarita Harbour December 12, 2013 11:30 PM
If you borrowed $250,000 for 30 years at 4.5 percent, you would pay $206,016.78 in interest over the life of the loan, in monthly payments of $1,266.71. However, if you borrowed $250,000 at 4.0 percent for just 15 years, your monthly payments would rise to $1,849.22, but the total amount of interest would only be $82,859.57. That’s a savings of more than $120,000...a good chunk of change, wouldn’t you say?