When you consider the fact that mortgages can last up to three decades, even a few tenths of a percentage can translate into thousands of dollars
in extra interest costs.
Some of the biggest mortgage document errors are in how long a loan is amortized for; while a cheaper monthly rate can seem appealing, this sort of error can tack on tens of thousands
of extra interest costs over time.
Since it would take me an additional 6.4 years, that would be $ 640 I could deduct from my
total extra interest cost, making it $ 3,644.
When you consider the fact that mortgages can last up to three decades, even a few tenths of a percentage can translate into thousands of dollars
in extra interest costs.
But if your aim is to get cash out of your home and save on your monthly payment,
the extra interest cost might be worth it — especially spread out over several years.
The 2 percent of GDP cost figure does not include
the extra interest costs resulting from the required borrowing.