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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 MortgageInterest RateAPRMonthly PaymentTotal interest repaid on the Lifetime of the Loan
30-Year Mortgage 4.50% 4.673% $633.36 $103,007.02
15-Year Mortgage 4.00% 4.300% $924.61 $41,429.70

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.

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