The differences in the type of interest you pay on your New York home loan will impact the price of your monthly payments. With simple interest, interest is calculated once and is fixed. This can create savings for the home owner because with compound interest, the interest amount is added to the principle continually and then begins to incur additional interest charges. Credit cards work by charging compound interest and this is why the balances can easily get out of control and be difficult to pay off. We specialize in debt consolidation at All Service New York Mortgage.com, and can determine if you will benefit from a simple interest home loan.