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Compare: High Rate vs Snowball.

6. A standard repayment term for a home loan is 30 years, or 360 months. How long does it take you to repay your mortgage using this method?

Sagot :

anthougo

Answer:

High Rate Vs Snowball

With this standard repayment of 30 years or 360 months, it means that it takes 30 years to repay the mortgage using the Snowball method and a shorter period (less than 30 years) to repay the mortgage using the High Rate method.

Explanation:

The Snowball method is a better method of repaying a loan.  This method encourages paying off the loan with the smaller balance first instead of paying off the loan with the higher rate first.  The only advantage of the High Rate method is that the loan is repaid quickly with less interest.

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