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#mortgage #buyinghome

15 Year vs. 30 Year Mortgage

Mark Minder, MBA, RFC, DWG VP of Retirement Plans and Benefits / October 8, 2020

With mortgage rates at historical lows, one of the questions that we face from homebuyers and those looking to refinance is which is better: a 15 or 30 year mortgage?  The answer to this question is - it actually depends on the person and their life goals.  The following comparison will give you quick reference points on which one is best for you.

15 Year Mortgage Pros:

  • Total costs of home ownership could be lower
  • Build equity on home faster
  • Interest rate would be lower

15 Year Mortgage Cons:

  • Higher monthly payments
  • Possibly more of your money tied up in home purchase

30 Year Mortgage Pros:

  • Lower Monthly Payment
  • Afford more home

30 Year Mortgage Cons:

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