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. |
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