15 VS 30 Year Mortgage

Below are some fun facts when considering a 15 vs 30 Year Mortgage!

Your Costs for a $250,000.00 Fixed-Rate Mortgage
15-Year at 3.75%
30-Year at 4.50%

Your Monthly Payment:
$1,818.00
$1,267.00

Interest You’ll Pay During First 5 Years:
$40,778.00
$53,898.00

Interest You’ll Pay Over Full Term of Mortgage:
$77,250.00
$206,017.00

Based on your inputs, the 30-year mortgage would cost you less $551.00 each month. However, the total interest for the 30-year mortgage would be $128,767.00 more than that of the 15-year mortgage.

Integrity Mortgage & Financial Inc will look at all the options and deliver the best financial advice to our clients