How to Pay off a Mortgage Faster with a 10-Year Fixed Mortgage
What is a 10-year fixed conventional mortgage?
A conventional fixed mortgage rate that will remain the same for your loan over the course of 10 years. Here are some details about how to pay off a mortgage faster.
Is a 10-year fixed conventional mortgage right for you?
A 10-year plan is worth considering if you:
- Want a stable monthly mortgage payment
- Have the financial resources to afford a larger monthly payment
- Want to pay your loan off as quickly as possible
What's in it for You?
Our 10-year fixed mortgage plan comes with a variety of benefits, including:
- Reduced interest over the course of the loan
- Faster payments free up money for other uses
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10 Year Fixed Mortgage Payment Example
The following payment example assumes a loan with points with a loan amount of $ and an estimated property value of . The rate lock period is 45 days and the assumed credit score is .
At a interest rate, the APR for this loan type is and the monthly payment schedule would be
If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.
*All rates and offers are in effect as of , offered for a limited time and subject to change without notice. Other restrictions may apply. Contact your PenFed Mortgage Representative for any applicable additional restrictions and details about your loan.
To receive any advertised product, you must become a member of PenFed Credit Union.