The tables whose links appear below show the annual summary repayment schedule
for a loan with a Principal of $100,000 at 10% for 30 years and for 25 years.
Note that the payment for 30 years is $878
and for 25 years is $909 --- which is only a little more.
The latter case requires an increased payment of just over $30,
but it reduces the total time by 5 years,
and reduces the total cost by over $43,000.!.!.!
The same savings can be realized by merely raising the monthly payment on
an original 30 year arrangement by that same $30,
PROVIDED that the lender is willing to accept it.
Prudent monitoring of the account balance should be done to see that
proper credit is being made and that things are progressing as expected.
The Table for 30 years -- rather standard
The Table for 25 years -- acclereated with savings