A 15-year mortgage can save you hundreds of thousands of dollars over a 30-year loan
Choosing a 30-year mortgage over a 15-year loan can cost homebuyers hundreds of thousands of dollars more in total interest payments. While the shorter loan comes with higher monthly payments, it builds equity faster and dramatically reduces the overall cost of borrowing. Financial experts suggest many borrowers overlook this long-term cost difference when selecting a mortgage term.
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