10 Year Vs 15 Year Mortgage

Mortgage lenders offer various terms, including 20-, 30-, and 15-year mortgages. Although 30-year mortgages is among the most common, since it offers lower monthly payments, there are benefits to having a shorter term. You’ll pay less interest on a shorter loan and have a quicker payoff.

In 2013 a whopping 89% of mortgage borrowers went with a 30 year mortgage, while 8% went with a 15 year mortgage, 3% went with an adjustable rate mortgage, and under 1% selected "other", a category that would include the 20 year mortgage. Why on Earth is the 20 year mortgage so neglected?

The really interesting thing about 15-year mortgages is that they always pay off in 15 years. Thirty-year mortgages are for people who enjoy slavery so much they want to extend it for 15 more years and pay thousands of dollars more for the privilege. If you must take out a mortgage, pretend only 15-year mortgages exist.

3 Steps to Deciding a 30- vs. 15-Year Mortgage The right answer will depend on your circumstances, but some factors play a role in deciding which way to go. Jerry Kronenberg

15-year vs. 30-year mortgage. There are pros and cons to both 15- and 30-year mortgages. A 15-year mortgage will save you money in the long run because interest payments are drastically reduced.

A 15 year mortgage means a lower interest rate but a higher mortgage payment. A 30 year mortgage means a higher interest rate but a lower mortgage payment. So which one is best for you? We’ll compare 15 vs 30 year fixed-rate mortgage loans and go over the pros and cons to help you decide which one is best for you.

as many home buyers can’t stretch their budget to make the higher payments required to pay off a mortgage in 15 years, but yet they want to pay off the home faster. The borrower is still paying off.

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2012-11-28  · What a difference a year makes. In August 2011, I did a mortgage comparison of a 15-year at 3.75% vs. 30-year at 4.75%. Now I’m redoing that same.

Mortgage Comparison Calculator: Current 10, 15, 20 & 30 Year. – Long Term vs Short Term Mortgage. When you are deciding on your mortgage, you will probably come across the question of whether you want a long term (30 years) or short term (15 years) mortgage.