mortgage simple definition: 30 vs 15 year mortgages

30 vs 15 year mortgages

30 vs 15 year mortgages. 4 Easy tips on how to pay off your 30 year mortgage in 15 years or less!

30 vs 15 year mortgages video duration 1 Minute(s) 35 Second(s), published by Steven Coffman on 17 08 2017 - 00:38:56.

30 Year vs 15 Year Mortgages by Steven J Coffman, (740)342-4188, Primary Residential Mortgage, Inc
in New Lexington, Ohio http://www Get A 15 Year Mortgage Or Save To Buy A House With Cash Get a FREE customized plan for your money
It only takes 3 minutes! http://bit.ly/2YTMuQM Visit the .

How you can leverage debt to create massive Wealth if you know what to do! See visual comparisons of prominent theories that don't pencil out and see the There are a few primary reasons why you should refinance into a 15 or 20-year mortgage instead of a 30-year mortgage
In this video, I go over those reasons 4 Easy tips to help you pay off your 30 year home mortgage in 15 years or less
What I did to accomplish that goal in 11 1/2 years
You can too if your disciplined, .

30 Year vs 15 Year Mortgages by Steven J Coffman, (740)342-4188,
Primary Residential Mortgage, Inc. in New Lexington, Ohio

http://www.BestOhioMortgages.com . our website
https://youtu.be/EvrC_oQrSKo . this video
http://www.BestOhioMortgages.info . our blog

PROS

A 15-year mortgage costs much less than to borrow money
over 30 years.

• Because the cost of a mortgage is calculated as an annual
interest rate, and you are borrowing the money for half as long,
you will much less to borrow money for 15 years – usually less
than half of what you’d pay over 30 years. The higher the interest
rate, the greater the gap between the two mortgages. At 4%, you
will pay only about 46% of the interest you pay over the longer loan.

CONS

Shorter mortgages have higher monthly payments than
longer-term loans. For example, a 15-year loan for $300,000
at 4% interest has a monthly payment of $2,219, or 55% higher
than a 30-year mortgage for the same amount at the same rate.

• The higher payment might limit the buyer to a more modest
house than they would be able to buy with a 30-year loan.
(The same monthly payment on a 30-year loan would repay
a larger loan.)

• The higher payment requires higher cash reserves –
as much as one year’s worth of income in liquid savings.

• The higher payment means a borrower may forgo the opportunity
to build up other savings, or save for other goals that have
incentives, like college tuition or in a 401(k) retirement account,
which is both tax-deferred and has an employer contribution.
A savvy and disciplined investor would lose the opportunity to
invest the difference between the 15-year and 30-year payments
in higher-yielding securities.

In Summary

A 15-year mortgage can save you a lot of money. Imagine
a $300,000 loan, available at 3.25% for 15 years or at 4%
for 30 years. The combined effect of the faster amortization
and the lower interest rate means that borrowing the money
for just 15 years would cost $79,441, compared to $215,609
over 30 years, or nearly two-thirds less. The rub, of course,
is the higher monthly payment.

Steven J. Coffman – Branch Manager
NMLS # 264048 / LO.002092.000 / MLO.002092.000

2465 Panther Drive N.E. Suite A
New Lexington, Ohio 43764
SCoffman@PrimeRes.com
http://www.BestOhioMortgages.com
“Click on the below Link & Get your True Mortgage Credit Scores”
http://stevencoffman.mortgagemapp.com
Phone: 740-342-4188
Cell: 740-605-4049
Fax: 740-342-4191

PRMI Branch Certificate # MB.802748.058-BR /SM.501914.013-BR
PRMI Company NMLS # 3094

30 vs 15 Year Mortgages in New Lexington, Perry County, Ohio