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Principal Payback On Long-Term Loans

Over time, the principal payments on a 30-year term loan increase while the interest payments decrease

Did you know:

  • After 30 years, a 30-year term mortgage is paid in full.
  • After 30 years, a 40-year term mortgage has 57% of the original borrowed amount remaining.
  • After 30 years, a 50-year term mortgage has 81% of the original borrowed amount remaining.

Of course, longer-term mortgage holders don't have it all bad --  the mortgage interest they pay on their primary residence mortgage is tax-deductible. 

Longer term loans = more tax deductions over time.

To check how much tax deductibility your home loan is giving to you, speak with your personal accountant.

Posted by Bill Murphy on August 5th, 2007 7:36 PMPost a Comment (0)

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