When it comes to a mortgage, 15 is the new 30! At least it should be.
A 30-year mortgage does offer lower payments, but a shorter term like 15 or 10 years can save you tens of thousands of dollars in interest. See for yourself:
|$125,000 Mortgage||Interest Rate||APR||Monthly Payment||Total interest repaid on the Lifetime of the Loan|
That’s a savings of $61,577.32 over the lifetime of the loan.*
Plus you can build your equity faster. Equity builds more slowly with a 30-year mortgage because it takes longer to pay down the principal balance. With a 5, 10, or 15-year mortgage term, the equity builds much more quickly since you pay less interest.
Check out our mortgage calculators and learn exactly how much you can save.
*This example is for illustrative purposes only.