Sentences with phrase «additional interest you pay over the life of the loan»
It's tempting to reduce your upfront fees, but the additional interest you pay over the life of the loan can be significant.
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Over the life of the loan, the person with a lower credit score will pay an additional $ 720 because of the higher interest rate.
Closing costs are fees paid by the lender, if you do not want to pay all of the closing costs, expect a higher rate which will pay the lender additional interest over the life of the loan.
Making additional mortgage payments will shrink the total amount of interest paid over the life of the loan, and the borrower will pay off the debt more quickly.
Almost all lenders allow you to make additional payments on your loans, which will ensure you pay off your debt more quickly while spending less in interest over the life of your loan.
Unfortunately, here's the rub: because of your higher interest rate of 16.70 %, you'll end up paying an additional $ 1,213 over the life of the new loan, even as your monthly payment shrinks from $ 642 to $ 533.
Not only will you pay less interest over the life of your loan and shave years off your mortgage term, an additional principal payment here and there will also help you gain equity in your home at a faster pace.