To help demonstrate how building equity works on your North Florida home or property, think about a $100,000 loan at a 7.5 % interest rate for 30 years. The monthly payment is approximately $700, which adds up to $252,000. So, you are paying $152,000 just in interest. With a much shorter, 15- year loan, the payment increases to $927, but the total for the overall life of the loan is $166,860. It is apparent that the monthly payments are considerably larger, but over the course of the loan, you would save more than $85,000 in interest. A shorter Jacksonville loan may not work best for all buyers, so talk with your lender or Jacksonville real estate agent to discuss your options.