If you are preparing to buy a home, take a few minutes to seriously consider the advantages of selecting a 15-year fixed rate mortgage, currently at 3.625% over a 30-year mortgage at a full point more: 4.625%
Buying an Alpharetta Georgia home with a $300,000 mortgage means that you will be paying approximately $2,163 per month in principal and interest for your 15-year mortgage, as compared to $1,542 per month for a 30-year loan.
So, for a monthly increase of $621, you will save 15 years of indebtedness and $165,911 overall for the cost of interest on your house.
For those who regret not taking advantage of a lower interest rate earlier this year, taking on a 15-year mortgage may help you to recover those potential savings.
If you are interested in… A Great Time for a 15-Year Mortgage
If you are preparing to buy a home, take a few minutes to seriously consider the advantages of selecting a 15-year fixed rate mortgage, currently at 3.625% over a 30-year mortgage at a full point more: 4.625%
Buying an Alpharetta Georgia home with a $300,000 mortgage means that you will be paying approximately $2,163 per month in principal and interest for your 15-year mortgage, as compared to $1,542 per month for a 30-year loan.
So, for a monthly increase of $621, you will save 15 years of indebtedness and $165,911 overall for the cost of interest on your house.
For those who regret not taking advantage of a lower interest rate earlier this year, taking on a 15-year mortgage may help you to recover those potential savings.
If you are interested in…