Making a lot more money for the a shorter-term mortgage With similar loan amount and you can rate of interest into a 40-12 months mortgage, you'll pay $step 1,651 monthly - almost $150 minimal every month compared to the 29-year mortgage. Yet not, over those individuals 40 years, you're going to be investing almost $145,000 a whole lot more within the desire. Recall, as well, that you would likely have a higher rate with the a great 40-seasons financial, which may enhance your monthly payment matter. 13902