If you choose a shorter amortization period, you can save a lot of money and live mortgage-free sooner.

Mortgage $80,000, 25-Year vs. 15-Year amortization

This chart compares interest costs and monthly payments on an $80,000 mortgage amortized over 15 years with those for the same mortgage amortized over 25 years. You can see how great the savings are with the shorter amortization period!

Interest rate	Monthly payment	Total repaid(12)	Total interest cost(12)
25-Year amortization
5%	$465.29	$139,583	$59,583
7%	$560.34	$168,096	$88,096
9%	$662.39	$198,709	$118,709
15-Year amortization
5%	$630.50	$113,490	$33,490
7%	$714.60	$128,628	$48,628
9%	$803.62	$144,650	$64,650