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How Old Will You Be In 15 years? How Old Will You Be in 30 Years?
Would Paying Your Mortgage Off 15 Years Earlier
Improve Your Retirement?
With mortgage rates near historic lows, now is a great time for many people to consider trading in their current 30 year mortgage, and the 20+ remaining years and save over a hundred thousand dollars in interest with a 15 year loan.
When you analyze the numbers, the savings can be staggering, you may have to go back and do the math a couple of times before can believe how much you can really save.
There are many benefits of a 15 year loan over a 30 year loan. The 15 year mortgage does not have a credit score adjustment as does its 30 year counterpart. With the 30 year loan, those borrowers that have credit scores below 740 will pay a higher interest rate than those that are above 740. The lower the score is below the 740 mark the higher the interest cost for the loan will be. This is not the case with the 15 year loan.
15 year mortgages that have a loan to value ratio over 80% and require mortgage insurance will have a lower mortgage insurance premium than ... more
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