Let’s say you plan on borrowing $250,000 for a new home, and you’re trying to decide between a 15-year or 30-year mortgage: The monthly payment (principal and interest) for a 15-year fixed-rate mortgage at 3.6% interest is $1,745. If you go with a 30-year fixed-rate mortgage with a 4.3% interest rate, the monthly payment comes out to $1,293.
One of the biggest decisions you’ll have to make with selecting a mortgage involves weighing the pros and cons of a 15-year and 30-year mortgage. The post 15-Year vs. 30-year mortgage? How to Decide appeared first on Real Estate News and Advice – realtor.com.
If you are still undecided on whether to opt for a 15-year or 30-year mortgage, it is important to consider two main factors that will help you decide between a 15-year or 30-year mortgage. Interest Rate: The bank should offer you a considerably lower interest rate for a 15-year vs. 30-year mortgage.
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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).
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Refinance your mortgage if interest rates drop. Refinancing means not only paying less interest, Lending Tree states, but also smaller monthly payments. You can also lower payments by refinancing on.
The 30-year mortgage. The 30-year mortgage is one of the most popular options when it comes to borrowing money to buy a home. I think the most appealing part of a 30-year mortgage is the fact that you can get a lower monthly payment and be able to afford more house than you could with a shorter-term loan.
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.
Mortgage delinquency rates decline nationally, but Florida shows increase due to Irma The report shows that, nationally, 4.1 percent of mortgages were in some stage of delinquency (30 days or more past due, including those in foreclosure) in July 2018, representing a 0.6 percentage point decline in the overall delinquency rate compared with July 2017, when it was 4.7 percent.
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.