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Mortgage Directory : 15 vs 30 Year Term

 


Which Loan Term is Right for Me?

Under certain situations, a 15 year mortgage will be more beneficial than a 30 year mortgage.

15 Year Mortgage Benefits

  • Earlier loan payoff
  • Less interest paid over the life of the loan
  • Lower interest rate
  • Build equity in your home faster

30 Year Mortgage Benefits

  • Best if you plan to live in your home for only a few years
  • Lower monthly payment

Here's a comparison for a 15 vs 30 year loan.

 
15 Year Loan
30 Year Loan
Loan Amount 100,000 100,000
Interest Rate 6% 6%
Monthly Payment $844 $600
Interest Paid $51,893 $115,838
Interest Savings $63,945
Note: 15 year loans normally have a lower interest rate which would increase the interest savings even more.

 

 

 

 

 
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