The higher the interest rate, the greater the gap between the two mortgages. When the interest rate is 4 percent, for example, the borrower actually pays almost 2.2 times more interest to borrow.
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There are pros and cons to both 15- and 30-year mortgages. A 15-year mortgage will save you money in the long run because interest payments are drastically reduced since you’re paying only 15.
With a 15-year mortgage you’ll own a home much faster and save a lot of money, but you‘ll face higher monthly payments. NerdWallet’s 15-year vs. 30-year mortgage calculator allows you to compare.
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The Benefits of Refinancing to a 15 Year Mortgage If you’re in a better financial situation now than you were when you agreed to that 30 year mortgage or adjustable rate home loan, now might be a great time to refinance and get extra money by potentially saving tens of thousands of dollars or more on interest.
While a 15-year mortgage isn’t for everyone, there are several benefits to going this route. Remember, too, that while a 15-year mortgage will result in a higher monthly payment than a 30-year.
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Even with that drawback, there are some advantages to using a 15 year plan. Here are a few advantages to using a 15 year mortgage. Advantages. Pay off house earlier- By using this type of program, you are paying off your house in half the time. By eliminating your house debt earlier, you can move on to bigger and better things sooner. Lower interest rates- The interest rate for a 15 year mortgage is always lower than the regular mortgage rate.
There are several benefits of a 15-year term: Pay Off the Mortgage Faster. One of the biggest benefits of a 15-year mortgage term is the ability to quickly pay off your home loan. This option is perfect if you plan to stay put and don’t want to pay your mortgage for a lengthy period of time.