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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 on 30-Year U.S. Loans Fall to 4.95% (Update2) (Bloomberg) - March 11 (Bloomberg) -- Mortgage rates in the U.S. declined for a second consecutive week as the number of home-loan applications rose. The rate for 30-year fixed mortgages fell to 4.95 percent for the week ended today from 4.97 percent, Freddie Mac said in a statement.

Long-term mortgage rates down slightly (UPI) - WASHINGTON, March 11 (UPI) -- Average interest rates for 30-year, fixed-rate mortgages held under 5 percent in the week ending March 11, the U.S. Federal Home Loan Mortgage Corp. said.

Mortgage Rates Decline; Current 30-Year Fixed Rate is 4.76%, According to Zillow(R) Mortgage Rate Ticker (PR Newswire via Yahoo! Finance) - The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 4.76 percent, down four basis points from 4.80 percent compared to this same time last week. The 30-year fixed mortgage rate fluctuated between 4.76 and 4.82 during the past week.

Owner of Legacy Lending pleads guilty in $20 million mortgage scam (Osseo-Maple Grove Press) - On March 2, in federal court in St. Paul, the 30-year-old part owner of Legacy Lending pleaded guilty to participating in a mortgage fraud scheme that involved 37 separate real estate transactions and $20 million in loan proceeds.

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

Mortgage rates remain below 5 percent (San Francisco Chronicle) - 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... Mortgage - Fixed rate mortgage - Financial Services - Business - United States

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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