mortgage interest calculator yahoo
Why is it so much more expensive to get a mortgage 20 years as a 10-year mortgage?
I have the mortgage calculator on Yahoo Real Estate and counted on a 10-year mortgage at 6.5% interest on $ 31,000.00 and it gave me a monthly payment of $ 352.00 $ 168.00 of which was interest. I then calculated including a 20-year mortgage at 6.5% interest for $ 62,000.00 and it gave me a monthly payment of $ 462.00 $ 336.00 of which was interest. Why is it so much more for The 20-year loan? I understand that the interest is greater the larger amount, the payments should not be the same, since the time of the loan is twice as long?
In a bowl, the more time you will be charged on a mortgage to buy the more interest your loan, so that the time you have to pay to acquire a mortgage on the interest of your loan.
