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When getting a mortgage, homeowners often face the following questions: Should I choose a 15-year mortgage or a 30-year mortgage? Understanding the differences between the two can help you determine the plan that works best for you. Choosing a 15-year or 30-year mortgage depends on how much you can pay each month. Buyers eligible for a 15-year fixed-rate mortgage will make fixed payments for 180 months instead of 360 months using a 30-year fixed-rate mortgage.
Due to the longer mortgage term of 30 years, your monthly payment will be reduced and the interest rate on the loan will be higher. Typically, a 15-year mortgage means a higher monthly payment amount. This means that you will be able to pay off the loan faster and pay less interest over the life of the loan. Different mortgages offer different interest rates, and the length of repayment can also affect your interest rate. Even if you have enough income to make large mortgage payments easily, there are other factors to consider.
When comparing the amount of interest paid over the term of the loan, it becomes clear that a term of 15 years is better than a term of 30 years. Also, because you can pay off your mortgage faster, a 15-year mortgage can build your interest faster. A 15-year mortgage is suitable for those who want to reduce the interest payment over the life of the loan. However, the monthly payments on a 30-year loan are lower, so you can save for other purposes and pay for unexpected expenses. When your financial situation allows, you can deposit extra money on your balance and pay off the loan faster.
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