Best Financial Choice – 15 Year Mortgage
February 28, 2007 · Filed Under How to Manage Money
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Below are the benefits of a 15 Year mortgage:
- The interest rate of 15 year mortgage is typically lower.
- Your build equity much more faster
- You pay off your mortgage faster
A table that I extract from Deborah’s article that will show you how much you save from 15 year mortgage
|
|
30-year @8% |
15-year @ 7.5% |
|
Loan Amount |
$100,000 |
$100,000 |
|
Monthly Payment |
$734 |
$927 |
|
Total Interest |
$164,165 |
$66,862 |
|
Savings |
0 |
$97,293 |
Financial Planning, Mortgage
Source : About.com
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