Stephen has just purchased a home for $164,300. A mortgage company has approved his loan application for a 30-year fixed-rate loan at 4.75%. Stephen has agreed to pay 30% of the purchase price as a down payment. If Stephen made the same loan for 20 years, how much interest would he save? Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed. Stephen would save $

Years	Annual interest rate
financed	3.00%	3.25%	3.50%	3.75%	4.00%	4.25%	4.50%	4.75%	5.00%	5.25%	5.50%	5.75%	6.00%	6.25%	6.50%	6.75%
10	9.66	9.77	9.89	10.01	10.12	10.24	10.36	10.48	10.61	10.73	10.85	10.98	11.10	11.23	11.35	11.48
12	8.28	8.40	8.51	8.63	8.76	8.88	9.00	9.12	9.25	9.37	9.50	9.63	9.76	9.89	10.02	10.15
15	6.91	7.03	7.15	7.27	7.40	7.52	7.65	7.78	7.91	8.04	8.17	8.30	8.44	8.57	8.71	8.85
17	6.26	6.39	6.51	6.64	6.76	6.89	7.02	7.15	7.29	7.42	7.56	7.69	7.83	7.97	8.11	8.25
20	5.55	5.67	5.80	5.93	6.06	6.19	6.33	6.46	6.60	6.74	6.88	7.02	7.16	7.31	7.46	7.60
22	5.18	5.31	5.44	5.57	5.70	5.84	5.97	6.11	6.25	6.39	6.54	6.68	6.83	6.98	7.13	7.28
25	4.74	4.87	5.01	5.14	5.28	5.42	5.56	5.70	5.85	5.99	6.14	6.29	6.44	6.60	6.75	6.91
30	4.22	4.35	4.49	4.63	4.77	4.92	5.07	5.22	5.37	5.52	5.68	5.84	6.00	6.16	6.32	6.49
35	3.85	3.99	4.13	4.28	4.43	4.58	4.73	4.89	5.05	5.21	5.37	5.54	5.70	5.87	6.04	6.21