15 Year Vs 30 Year Mortgage Pros Cons

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15-Year Mortgage Pros: 15-Year Mortgage Cons: Pay Off Mortgage Faster If you aren’t planning on staying in your home for long, this is a great option so you can focus on other things like saving for retirement. higher monthly payments You will likely have higher payments going with this option vs a 30-year loan. Save Money On Interest

A 30-year fixed mortgage is the gold standard for home loans and has been for a long time. In July 2017, 87.3% of home loans were 30-year fixed mortgages, according to the Mortgage Bankers Association’s monthly report.

15-Year mortgage: pros and cons. On the pro side, this mortgage offers a shorter term compared with a 30-year mortgage, and it comes with an interest rate that’s fixed for the entire term of the loan.. The chief advantage of a 15-year fixed mortgage is that the rate should be slightly lower than the rate for a 30-year fixed mortgage, if everything else-loan amount, loan type, down payment.

Additionally, your monthly payment amount is capped at 10-15% of your discretionary income – again dependent upon when you originally took out the loan. Once the 20-25 year period expires. you to.

Take the same exact loan and decrease the mortgage term to 15 years, and the payment jumps to $1,479.38 – a difference of only $524.55 per month. Determining Which Is Best for You. Deciding between a 15-year mortgage and a 30-year mortgage is a major decision that will have long-lasting effects on your personal finances.

A central question you need to ask is: Am I better off with a 15-year fixed-rate mortgage, or a traditional 30-year one?Here are some pros and cons of 15-year fixed mortgages to help you make the.

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3 minute read. A 15 year mortgage will have a lower interest rate and you’ll pay off your home much faster. However, there are drawbacks to consider. In this article we will go over the pros and cons of the 15 year fixed rate mortgage.

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