Advantages of a 15-Year Fixed Mortgage. Less mortgage insurance compared with a 30-year fixed mortgage if you are putting less than 20 percent down. Would be an attractive option if you value paying off your loan quickly and owning your home outright.
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A 15-year mortgage will save you money in the long run because interest payments are drastically reduced since you’re paying only 15 years’ worth of interest versus 30 years.
If you are thinking about making your mortgage last for 15 years, there are some benefits for you paying your mortgage off sooner, rather than later. One of the benefits you will have is you will save more money. A 15-year mortgage dramatically cuts your home-loan repayment time.
The first is the fact that 15-year mortgages generally carry a lower interest rate than 30-year mortgages. Using LendingTree’s mortgage rate tool, a 30-year, $250,000 mortgage in Brooklyn, N.Y., would currently have a 4.25% interest rate for someone would excellent credit. That same mortgage with a 15-year term would only have a 3.75% interest rate.
15 year fixed-rates have mortgage rates that are as much as 1% lower than a 30 year fixed rate loan. No one enjoys paying interest on a mortgage. With a 15-year loan you will save tens of thousands of dollars. You’ll be paying far less in total to borrow your mortgage money.
The average rate this week for 15-year, fixed-rate home loans rose to 3.60% from 3.56%. The declining trend in mortgage rates has made purchasing a home cheaper, and potential buyers have been rushing.
Monthly payments on a 15-year fixed refinance at that rate will cost around $696 per $100,000 borrowed. That’s clearly much.
Advantages of a 15-Year Fixed-Rate Home Loan. The above calculations presume a 20% down payment on a $250,000 home & a closing cost of $3,700 which is rolled into the loan. You can use the following calculators to compare 15 year mortgages side-by-side against 10-year, 20-year and 30-year options.
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A 15-year mortgage allows you to own your home in half the time of a conventional mortgage with a 30-year term. Although payments are higher with a 15-year mortgage, you could save thousands of dollars in interest and build equity faster.