Tuesday, October 1, 2019 / by Katherine Kiernan
Homeowner Tips & Tricks: Fixed-Rate Mortgages
How do I choose between a 15-year or 30-year FRM?
Below is a comparison chart that details the comparison of total payments over the life of a loan, using the US National Average Home Loan as an example.
As you can see, a 30-year fixed-rate loan will end up costing you more in the long run. However, not everyone can afford the higher monthly payments that comes with the 15-year loan. It all comes down to evaluating your financial situation and making the decision that is right for you!
Below is a comparison chart that details the comparison of total payments over the life of a loan, using the US National Average Home Loan as an example.
As you can see, a 30-year fixed-rate loan will end up costing you more in the long run. However, not everyone can afford the higher monthly payments that comes with the 15-year loan. It all comes down to evaluating your financial situation and making the decision that is right for you!
