30-Year vs. 15-Year Mortgage Loan

August 9, 2019
Author: New England Home Mortgage

How do I choose between a 15 year and 30 year mortgage? Most Americans buying their first home tend to choose a 30-year mortgage.  Initially, a 30-year mortgage seems to be the most economical option, but dig a little deeper and you will learn that there are vast differences over the lifetime of the loans.

A 15-year fixed mortgage will cost a bit more each month through the duration of the loan, but compared to a 30-year fixed mortgage can be cost-saving in the long run.  Over the life of the 2 loans, a 30-year mortgage will end up costing a homeowner more than double the cost of a 15-year loan.

Find out more about these loans to help you decide which is best for you.

(860) 736-2747
37 W. Center Street, Suite 208, Factory Square, Southington, CT. 06489