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Con: The monthly payments for a 15-year mortgage are higher than a 30-year. For instance, if you took out a $200,000 mortgage at a 3.92 percent interest rate for 30 years, your monthly payments would be $946 (without factoring in taxes and other costs). If you took the same terms but paid off the mortgage in 15 years, you’d pay $1,471 a month.
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A central question you need to ask is: Am I better off with a 15-year fixed-rate mortgage, or a traditional 30-year one?Here are some pros and cons of 15-year fixed mortgages to help you make the.
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A 15-year mortgage costs you less since the total interest paid is less than a 30-year, but there are both pros and cons to a 15-year loan.
With a 30-year fixed-rate mortgage of 9 percent on a $65,900 loan–the national median–monthly payments would be $530, while a 15-year fixed-rate mortgage at 8.75 percent (15 year mortgages usually.
3 minute read. A 15 year mortgage will have a lower interest rate and you’ll pay off your home much faster. However, there are drawbacks to consider. In this article we will go over the pros and cons of the 15 year fixed rate mortgage.
Should you get a 30-year mortgage or a 15-year mortgage? Here we go over the pros and cons of each so you can make an informed decision. Shopping for a new home can be fun.
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15 vs 30 Year Mortgage Pros. There are many pros for both 15 and 30 year loans. The biggest advantages of a 15 year mortgage are being debt free sooner, earning equity faster, and paying less interest. On the other hand, a 30 year loan will have lower monthly payments, which can allow you to use your money for other financial needs.
Fifty-somethings should also weigh the pros and cons of paying off a mortgage in 15 years vs. taking out a 30-year loan that they’ll still have to cover during retirement. Having a 15-year loan could.
Take the same exact loan and decrease the mortgage term to 15 years, and the payment jumps to $1,479.38 – a difference of only $524.55 per month. Determining Which Is Best for You. Deciding between a 15-year mortgage and a 30-year mortgage is a major decision that will have long-lasting effects on your personal finances.