15 year mortgage verses 30 year mortgage



Which is better for you, a 15 year mortgage or a 30 year mortgage? Let's take a look at the differences to help you decide:

If I asked you if you would like to pay off your home in 15 years as opposed to 30 years, chances are your answer would be a firm, "Yes". 

30 year loans are the most popular. The benefit of a 30 year loan is a lesser monthly house payment. On the other hand, you are paying more interest on the home.

On a 15 year mortgage, your monthly payments are higher but you pay less interest over the duration of the home loan.

Equity in the home increases quicker on a 15 year mortgage.

My advice to you would be to get pricing for both loans, a 15 year and a 30 year and see if the 15 year falls into your monthly budget.









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