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4 reasons to consider a 15-year mortgage
Kali Hawlk | 21hrs ago
A Guide to Getting Your First Mortgage
How to Tell If You’re Really Ready to Buy a Home
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.