Mortgage Information : 15 vs. 30 Year loan
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 |
200,000 |
200,000 |
| Interest Rate |
6% |
6% |
| Monthly Payment |
$1350.17 |
$959.28 |
| Down Payment |
$40,000 |
$40,000 |
| Number of Payments |
180 |
360 |
| Mortgage Principal |
$160,000 |
$160,000 |
| Interest Paid |
$83,030 |
$185,340 |
| Interest Savings |
$102,310 |
|
| Note: 15 year loans normally have a lower interest rate which would increase the interest savings even more. |
Click here for Mortgage Calculators.
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Average 30-year mortgage rate drops to 4.95%, Freddie Mac says (Los Angeles Times) - The average interest rate on a 30-year fixed-rate mortgage dropped to 4.95% this week from 4.97% last week, Freddie Mac said Thursday.
Mortgage Rates Remain Below 5 Percent (ABC News) - Rates on 30-year fixed mortgages fall to 4.95 percent, weeks before Fed exit Mortgage - United States - Business - Financial Services - Connecticut
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Mortgage rates remain below 5 percent (Lansing State Journal) - WASHINGTON Mortgage rates held below the 5 percent threshold for the second straight week, a report said today, weeks before a government program that has been keeping rates low is scheduled to expire. The average rate on a 30-year fixed rate mortgage was 4.95 percent this week, down from 4.97 percent a week earlier, mortgage finance company Freddie Mac said. Rates dropped to a record low of 4 ...
Mortgage Rates March 11, 2010 (Bankrate.com) - The 30-year fixed-rate mortgage declined again this week, reports Kristin Arnold. Get up to Four Loan Offers in Minutes! Mortgage rates look flat this week, but are set to rise for the balance of 2010.
Mortgage rates remain below 5 percent (Long Island Business News) - Mortgage rates held below the 5 percent threshold for the second straight week, a report said Thursday, weeks before a government program that has been keeping rates low is scheduled to expire. The average rate on a 30-year fixed rate mortgage was 4.95 percent this week, down from 4.97 percent a week [...]
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