Shorter term loans can mean higher monthly payments, but if you can make it work, they can rack up huge savings in the long run when compared to longer term loans.

Take a look at the chart below, detailing the difference in rates, mortgage type (by year), and payments. With mortgage rates at historically low levels today, homebuyers can take advantage of significant savings, just on interest alone. Paired with current real estate prices, big savings can be had!

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