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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.

Mortgage rates hit low of 4.54 pct. - Mortgage rates dropped to the lowest level on record for the fifth time in six weeks, making homebuying and refinancing the most attractive in decades for those who can get loans. The average rate for 30-year fixed loans this week was 4.54 percent, down from... Mortgage - Refinancing - Loan - United States - Financial Services

Mortgage Rates Hit Another Low: 4.54 Percent - Mortgage rates dropped to the lowest level on record for the fifth time in six weeks, making homebuying and refinancing the most attractive in decades for those who can get loans. Freddie Mac says the average rate for 30-year fixed loans this week was 4.54 percent, down from 4.56 last week. That's the lowest since Freddie Mac began tracking rates in 1971.

Mortgage demand dips on rising rates - U.S. home loan demand cooled last week as rising mortgage rates curbed refinancing requests that had soared to a 14-month high, the Mortgage Bankers Association said on Wednesday.

Mortgage rates fall to 4.54% - Mortgage rates dropped to the lowest level on record for the fifth time in six weeks.

Mortgage rates at new record low - Today's all-time low mortgage rates have more borrowers turning to "cash-in" refinances.

Mortgage rates hit new low of 4.54 percent - New York Mortgage rates dropped to the lowest level on record for the fifth time in six weeks, making homebuying and refinancing the most attractive in decades for those who can get loans. Freddie Mac says the average rate...

Mortgage Applications Fall 4.4 Percent Last Week - Mortgage applications fall 4.4 percent last week, despite the lowest rates in decades Mortgage - Business - United States - Financial Services - Loan

Mortgage rates hit low of 4.54% - NEW YORK CITY -- Mortgage rates dropped to the lowest level on record for the fifth time in six weeks, making home buying and refinancing the most attractive in decades for those who can get loans.

Mortgage-Bond Spreads Surpass Lows Reached During Fed Buying - Yields on Fannie Mae and Freddie Mac mortgage securities that guide U.S. home-loan rates reached record lows relative to 10-year Treasuries as investors search for higher returns amid limited refinancing by borrowers.

Mortgage demand dips on rising rates - Home loan demand cooled last week as rising mortgage rates curbed refinancing requests that had soared to a 14-month high, the Mortgage Bankers Association said on Wednesday. Mortgage - Refinancing - United States - Financial Services - Business



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