# 1 - a 10-year loan interest rates much lower (compared to 30 years loan)

If you're like most people, your mortgage refinancing one main reason is: in order to save money. So, understandably, people usually focus on the new interest rate will affect how their monthly payments, duffy said. But the key monthly payment can be only your wallet. For example, even a month pay the 30-year mortgage is usually much lower than with short-term loans, interest rates will be higher. So, you finally paid a lot of loan interest than you will be in 10 years' 30-year mortgage the whole life cycle. It is vital to understand as the total amount of interest, coupled with the purchase price is your home, your true cost, duffy said. So, how much you can save the interest, the 10-year mortgages with 30 years of loans? Let's take a look at PNC bank based on average rate from August 13, 2013. We compared the 30 years of the loan interest rate is 4.375%, and 10-year loan interest rate of 3.125%, the loan amount is 300000 yuan.

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