15-Year vs. 30-Year Mortgage? How to Decide » Mortgage Masters Group

15-Year vs. 30-Year Mortgage? How to Decide » Mortgage Masters Group

If you are still undecided on whether to opt for a 15-year or 30-year mortgage, it is important to consider two main factors that will help you decide between a 15-year or 30-year mortgage. interest rate: The bank should offer you a considerably lower interest rate for a 15-year vs. 30-year mortgage.

20-Year vs. 15-Year vs. 30-Year Mortgage Before you start shopping for a mortgage, make sure you understand your financial priorities. A longer mortgage length, or term, may mean lower payments, but it will take longer for you to build up equity in your home.

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The advantage for homebuyers with 30-year mortgages is that they have the option to pay more than the minimum required monthly payment. This means they can pay off their mortgage in 15 years, but.

The two most common loan terms for real estate shoppers is the 30 year mortgage and the 15 year mortgage.. Brandon discusses the pros and cons of each to help YOU decide which is your ideal.

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

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The 30-year mortgage. The 30-year mortgage is one of the most popular options when it comes to borrowing money to buy a home. I think the most appealing part of a 30-year mortgage is the fact that you can get a lower monthly payment and be able to afford more house than you could with a shorter-term loan.

15 year vs. 30 year mortgage – Running the numbers Looking at the final numbers on the amortization schedule, the 15 year mortgage is a clear winner over a 30 year mortgage. As an example, a $250,000 loan at 5% interest results in total payments of $355,857.13 on a 15 year mortgage and $483,139.46 on a 30 year mortgage – a difference of.

A 15-year mortgage minimizes your total borrowing costs and allows you to eliminate your mortgage debt relatively quickly. But a 30-year loan has lower monthly payments, allowing you to save for other goals and pay unexpected expenses.

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