Typically, a 30-year mortgage term will have lower monthly payments than a 15-year mortgage term. If you decide on a 15-year loan, you will pay significantly less in total interest over the life of the loan, but your monthly mortgage payments will be higher. As a homebuyer, you will need to consider the implications of supporting higher monthly payments when accepting a 15-year term. Can you consistently meet those monthly payments over time?
Here are some advantages and considerations to review:
15-Year Mortgage
Advantages: Lower overall mortgage cost, builds equity faster, you have debt for only 15 years, lower interest rate.
Considerations: Higher monthly payments, must qualify for higher monthly payment, you have less cash for other expenses, less money goes toward tax deductions.
30-Year Mortgate
Advantages: Lower monthly payment, qualifying is easier, you have more cash for other expenses, more money goes toward tax deductions.
Considerations: Higher overall mortgage cost, you pay more in overall interest, you have debt for 30 years, higher interest rate.
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If you live in the following states and would like to know more about a Mortgage Loan you should contact our Mortgage Loan specialist as soon as possible:
The information provided on Home Mortgage Loan, Inc. is not intended to be official legal, real estate, or
financial advice but merely conveys general information. Sitemap
