Paying on a mortgage loan for 30 years is typical, and in fact, many homebuyers assume they need to accept a 30-year mortgage term. However, this standard mortgage length is not written in stone, and you can choose to pay off your mortgage sooner with a 15-year loan. Advantages of a 15-Year Mortgage
Below is a list of “mortgage help” topics I feel are beneficial to anyone thinking about buying real estate, getting a mortgage, currently going through the mortgage process, or even those who already have a mortgage.
30-Year Mortgage. One of the most common mortgage terms is 30 years, most likely due to the lower monthly payments that come along with it. However, the length of the loan makes this mortgage term riskier for the lender and it often comes along with a higher interest rate and upfront fees for you.
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Choosing between a 15- or 30-year mortgage. Fixed-rate mortgages come in two main types: 30-year and 15-year loans. Though there are other variations, such as 10-, 20- and even 40-year home loans, the 30- and 15-year terms make up the bulk of fixed-rate mortgages that are written.
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The right answer will depend on your circumstances, but some factors can held decide which way to go. For example, borrowing $300,000 for 15 years at this week’s 3.25% average rate means you’ll have a $2,108 monthly mortgage payment (excluding the effect of any origination fees).
So a 15-year mortgage can save borrowers a ton of money. Here’s an example: Someone with a 30-year, $250,000 mortgage with a 5-percent interest rate will pay $233,139.46 in interest, assuming he does not repay the mortgage early. If he had a 15-year mortgage, he would have paid $105,857.13 in interest – a savings of $127,282.33.