If you can pull it off, there's a lot of merit it to it. Telluride, Real Estate, Dan Henschel, telluride, real estate, dan henschel....
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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?
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.