Everyone hears about the savings a lower interest can bring. In this post we show an example of real life numbers.
The above charts show the monthly savings of $200, which may not seem like that much. However look at the charts below to see the real significant difference: the savings on interest during the course of a term.
As you can see, by reducing an interest rate by 2.00% you are saving 15% in interest, and paying 15% more on your principal. In this example, this equates to about $16,500 in savings on interest and $7,000 more on principal over the 5 year term.
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