Mortgage Loan Financial Advisor for
your best home mortgage, with a good interest rate,
low closing costs & favorable loan terms!
30-Year Mortgage
Loan vs 15-Year Mortgage Loan
Generally, a 30-year mortgage loan will have lower
monthly payments than a 15-year mortgage loan. If you
commit to a 15-year mortgage loan, you will pay significantly
less in total loan interest over the life of your home mortgage
loan, but your monthly mortgage payments will be higher.
As a home buyer, you will need to consider the significance
of committing to higher monthly mortgage payments when
accepting a 15-year loan term. Can you consistently meet
those higher monthly mortgage payments over time? Look
at the table below to understand the difference in the
payments.
|
Advantages
of Mortgages |
Considerations
of Mortgages |
| 15-Year |
Lower Overall Mortgage Cost |
Higher Monthly Payment |
| Builds Equity Faster |
Must Qualify for Higher Monthly Payment |
| You have Debt for Only 15 Yrs |
You have Less Cash for Other Expenses |
| Lower Interest Rate |
Less Money toward Tax Deductions |
| 30-Year |
Lower Monthly Payment |
Higher Overall Mortgage Cost |
| Qualifying is Easier |
You Pay More in Total Loan Interest |
| More Cash for Other Expenses |
You have Debt for 30-Years |
| Bigger Tax Deductions |
Higher Interest Rate |
|
