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.
30-year mortgage rate falls to record 3.87 percent - The average rate on the 30-year fixed mortgage fell this week to a record low, the ninth time that has happened in the last year. Even with the cheapest rates in history, the housing market remains depressed. Mortgage...
Mortgage rates: new record lows. Again. - Mortgage rates drop to 3.87 percent for a fixed 30-year loan; 15-year fixed mortgage rates fall to 3.14 percent. That's the lowest in more than a half century of data.
Rate on 30-year mortgage falls to record 3.87 pct. - The average rate on the 30-year fixed mortgage fell this week to a record low, the ninth time that has happened in the last year. Even with the cheapest rates in history, the housing market remains depressed.Mortgage ...
Rate on 30-year mortgage falls to record low - The average rate on the 30-year fixed mortgage fell this week to a record low, the ninth time that has happened in the last year. Even with the cheapest rates in history, the housing market remains depressed.
30-Year Fixed Mortgage Rate Rises After Falling to All-Time Low Last Week; Current Rate is 3.82%, According to Zillow ... - SEATTLE -- The 30-year fixed mortgage rate on Zillow(R) Mortgage Marketplace is currently 3.82 percent, up 13 basis points from 3.69 percent at this same time last week. The 30-year fixed mortgage rate ...
30-Year Fixed Mortgage Rate Drops 10 Basis Points; Current Rate is 3.72%, According to Zillow Mortgage Rate Ticker - SEATTLE -- The 30-year fixed mortgage rate on Zillow(R) Mortgage Marketplace is currently 3.72 percent, down 10 basis points from 3.82 percent at this same time last week. On Jan. 17, the 30-year fixed ...
30-year-mortgage hits record low - The average rate on the 30-year fixed mortgage fell this week to a record low, the ninth time that has happened in the last year.
30-year mortgage rate drops to record low - WASHINGTON (AP) ? The average rate on the 30-year fixed mortgage fell this week to a record low, the ninth time that has happened in the last year. Even with the cheapest rates in history, the housing market remains depressed.
Mortgage rates climb from record lows, now at 3.98 percent for a 30-year home loan - But the low rates have had few takers because most who can afford to buy or refinance have already done so.
30-year mortgages dip to 3.87% - 9th record low in year - The average rate on 30-year fixed mortgages fell last week to a record low, the ninth time that has happened in the past year. Even with the cheapest rates in history, the housing market remains depressed.
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