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Good reason to consider a 15 year mortgage over 30 year...

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4 reasons to consider a 15-year mortgage

Kali Hawlk

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Young couple during a financial meeting.

A Guide to Getting Your First Mortgage

 

How to Tell If You're Really Ready to Buy a Home

 

 © Joe Raedle/Getty Images  

Pop quiz: Would you like to make half as many mortgage payments and owe thousands less in interest over the life of a loan, all while paying a lower interest rate? 

If you answered “yes” to any part of that question, 15-year mortgages are worth considering, suggests Justin Arnold, a CFP (Certified Financial Planner) who runs WashPark Capital in Denver, CO

We agree! A 15-year mortgage can make good sense for your situation — and they’re more affordable than ever. If you’re looking at real estate anywhere from Seattle, WA, to homes for sale in Boston, MA, here’s why you should consider this type of mortgage with a shorter payment term.

1. Save more money

Taking out a 15-year mortgage dramatically cuts your home-loan repayment time. The faster you repay the loan, the less in interest you need to pay. This can save you tens of thousands of dollars over the (shorter) life of your loan. A 15-year mortgage also usually offers better interest rates than other loan products, says Debbie Todd, a CPA who runs 1 Hour Impact.

Curious about just how much money you could save? Check out this mortgage calculator and plug in the numbers specific to your situation. You can compare amount of payments, interest rates, and more. Seeing the difference between paying off your mortgage in 15 years versus 30 years could be the motivation you need to consider a 15-year mortgage.

 

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Dan Henschel
Telluride Real Estate Corporation
567 Mountain Village Blvd. Suite 106A
Telluride;  CO;  81435
970-708-2131
dan@danhenschel.com