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How Fast Do Mortgage Savings Mount Up?


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HOW FAST DO MORTGAGE SAVINGS MOUNT UP?

I agree with "Is a short-term mortgage better in the long run?" (Personal Business, Apr. 13). But the figures are off: If I save $188 a month and get 10% for 15 years, I will have $78,570. Quite a difference from $98,900.

Elliott Adler

Boca Raton, Fla.

Editor's note: The example failed to note that the higher figure includes the extra savings and investment growth generated because tax deductions are higher on a 30-year mortgage.


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