Refinancing - The Numbers Matter

Refinance Your Mortgage With No Closing Costs To Pay Less & Save BIG

With a 20-year or 15-year mortgage, it is possible to own your home free and clear in a shorter period of time and save tens of thousands of dollars in loan interest.

Refinancing to a shorter term mortgage is not for everyone; those who are living paycheck-to-paycheck or don’t have a high level of job security may not be able to make a commitment to a higher monthly loan payment. If this sounds like you, you may want to consider simply making an extra payment every year or talking to a loan officer about other early payoff options.

For those who are comfortable locking in a higher monthly payment, there are many valuable reasons to refinance your home loan. Learn more below or contact American Mortgage Capital to speak to one of our knowledgeable No Cost Refinance specialists.

Why Refinance My Mortgage?

The rates on 15-year loans are typically lower than the rates on 30-year mortgages and stay the same throughout the life of the mortgage. Over the last year the difference has been about ½ percent. On a $200,000 loan the savings are $1,000 in the first year.


Save Tens, Even Hundreds of Thousands of Dollars in Interest

According to the National Association of Realtors, the median sales price for all existing American homes in 2010 was $173,100. Finance that for 30 years at 5.0%, and you’ll pay $161,426 in interest over the 30 years. Elect for a 15-year mortgage at 4.25% instead? You’ll pay only $61,295 in interest over the life of the loan — 63% less interest, a savings of over $100,000!


What Will Be the Difference in Monthly Payments?

  • Loan Amount
  • Monthly Payment
  • Total Interest

30-yr @ 5.0%

$ 0 Savings

  • $173,100
  • $929.24
  • $161,426

15-yr @ 4.25%

$100,131 Savings over the life of the loan.

  • $173,100
  • $1302.19
  • $61,295

Making the Decision to Refinance Your Home Loan

Every home mortgage situation is unique, and your decision between a 30-year and 15-year mortgage should be made based on your overall financial situation and goals. As a general guideline, you may want to make sure you are meeting your goals for both retirement and children’s college education before you decide to change to a 15-year term mortgage.

Do you want to Pay Less Interest, Save Money & Own you Home Sooner?

Refinancing may be the way to go.

Apply Now

Considering a No Cost Refinance? American Mortgage Capital is Here to Help!

If you’d like to compare your mortgage options, our loan officers offer helpful, no-obligation advice so you can make a sound decision. To discuss any questions you may have about refinancing your home, contact us toll free today at 800-610-0000.

American Mortgage Capital proudly serves clients in North, Central and Southern California.