This is comparable to 13 monthly payments a year, which can result in faster payoff and lower overall interest costs. (mortgage-x.com)
If you have a great deal of high interest rate debt, increasing the size of your fixed rate mortgage with a refinancing (even if you end up with a slightly higher mortgage rate than what you currently have) may result in lower overall interest costs. (debtconsolidation.com)
The shorter - term loan will likely have a higher periodic payment, but the overall interest cost of the loan could be less, while the longer - term loan will probably have a lower payment but include a higher total cost of financing over the course of the loan. (ondeck.com)