If you can afford the extra monthly mortgage payments, switching to a 15-year loan can be a good choice. The shorter loan usually has a lower interest rate that will result in less interest being paid over the life of the loan, though the monthly payments will be higher than they were for a 30-year loan.
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Switching to a 15 year for lower interest? – myFICO Forums. – I’ve seen refi rates for 15 year fixed at 4.375% recently. Current loan is 5 years into a 30 year fixed at 5.25%. Monthly payment will rise from $1250 to under $1600 so I know doing the usual calculations to see how long monthly savings will break even don’t apply (cos its costing more each month obviously).
Switch to A 15-year Mortgage? What You Need to Think About. – Refinancing a 30-year mortgage to a 15-year mortgage could save you tens of thousands of dollars in interest over the life of your loan and allow you to build equity in your home much more quickly.
A loan officer states that "Thousands of dollars can be saved. – A loan officer states that "Thousands of dollars can be saved by switching to a 15-year mortgage from a 30-year mortgage." Calculate the difference in payments on a 30-year mortgage at 9% interest versus a 15-year mortgage with 8.5% interest. Both mortgages are for $100,000 and have monthly payments.
VA Loan Tips: How Switching to a 15-Year Mortgage. – YouTube – VA Loan Tips: How Switching to a 15-Year Mortgage Can Save You Big Lowvarates.com | 844-326-3305 Some homebuyers go with 30-year mortgages because the monthly payment is smaller than for 15-year.
With a 15-year mortgage you’ll own a home much faster and save a lot of money, but you’ll face higher monthly payments. NerdWallet’s 15-year vs. 30-year mortgage calculator allows you to compare.
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Should You Switch from a 30-Year to a 15-Year Mortgage? – The amount of interest you can save by switching to a 15-year mortgage may amaze you. If we use a $250,000 30-year mortgage at 5% fixed as an example, you would pay a total of $233,139 over the life of the loan in interest alone. On a 15-year mortgage at less than one percentage point lower you would pay just $85,685 throughout the life of the loan.
Should You Refinance from a 30-Year to a 15-Year Mortgage? – You may find a 15-year mortgage has a payment equal to or below what you’re currently paying on your 30-year mortgage. This can be the case if you are significantly dropping your interest rates.