A short term loan, anything less than 30 years, allows Jacksonville Florida homeowners to save money by paying less interest over the life of the loan. For example, a $100,000 loan at 8 percent interest comes with a monthly payment of around $734. Over thirty years, this adds up $264, 240. Basically, you would be paying $164,240 in interest alone. With a 15-year loan, the monthly payments would be approximately $956, a total of $172,080. You would save more than $92,000 over the course of the Jacksonville Florida mortgage.