benefits of 15 year mortgage

Today’s Fifteen Year Mortgage Rates 15 vs 30 Year Loans. The most popular mortgage product across the United States is the 30-year fixed-rate mortgage. The reason most buyers opt for a 30-year fixed rate is they are guaranteed a stable monthly payment and the longer loan duration means they do not have a high monthly payment.

Getting a 15-year mortgage might help if you plan to retire in the next 10 to 20 years. Many people want to downsize before they retire, and that means buying a new home. "Choosing a 15-year mortgage allows you to reduce the strain on your cash flow in retirement," says Eric Roberge, a financial planner who runs Beyond Your Hammock in Boston, MA .

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.

Two months ago, Congress approved a two-year hike in funding fees for VA mortgages. Under the Blue Water bill, which takes.

What a difference a year makes. In August 2011, I did a mortgage comparison of a 15-year at 3.75% vs. 30-year at 4.75%.Now I’m redoing that same comparison at current market rates of 30 yr @ 3.25% vs. 15 yr @ 2.625%!To be fair, the numbers I used in 2011 were somewhat high.

Quick Introduction to 15 year fixed mortgages. homebuyers who aren’t interested in making mortgage payments for 30 years in a row can look into getting a 15-year fixed-rate mortgage. While these mortgage products aren’t as common as 30-year fixed-rate mortgages are, they are an alternative that can offer homeowners several benefits.

no closing cost fha loans If the homeowner elects to pay the closing costs, the new mortgage will start with a principal balance equal to the current balance of the existing mortgage. The new loan will be financed at the.

After 15 years, the borrower with the 15-year loan has paid $39,454 more but is out of debt whereas the borrower with the 30-year loan still owes $64,543. But there is a counterargument.

Despite the higher monthly payments, there are several benefits to getting a home loan with a shorter term.

how much for my house How Much House Can I Afford? New House Calculator. – How much house can you afford? CalcXML.com offers a New House Calculator to help you determine what monthly payment you can afford.

15 vs 30 year mortgage – We compare the two loan options and go over the pros. The benefit of a 15-year term mortgage, then, is that you'll spend a lot less in.