Shortening your mortgage term from 30 years to 15 years yields dramatic lifetime interest savings, but increases mandatory monthly cash flow obligations.
1. $400,000 Loan Amortization Comparison
Loan Structure
Note Rate (APR)
Monthly Principal & Interest
Total Lifetime Interest Paid
30-Year Fixed Refinance
6.75% APR
$2,594 / mo
$533,967 in total interest
15-Year Fixed Refinance
6.00% APR
$3,375 / mo
$207,564 in total interest
Net Lifetime Savings
-0.75% Rate Spread
+$781 / mo obligation
$326,403 Total Interest Saved
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Authored by the Home Loan Remortgage Editorial Directorate
Our editorial team comprises seasoned residential mortgage analysts, CFPB compliance specialists, and loan officers. We specialize in break-even refinancing models, home equity release mechanisms, and consumer lending protections.