Is a 15 or 30 year mortgage cheaper?

When trying to decide between a 15 or 30 year mortgage it is important to consider a few things. A 15 year mortgage is cheaper in terms of interest, even with low rates, because more of your money goes to principle to pay off the balance faster. Your payments will be higher every month. If you don't plan on staying in the home and want to sell within a few years, though, a 30 year mortgage will be cheaper because the interest is spread out further and payments are lower. All in all, the cheaper mortgage depends on how long you'll be in the home.

blog comments powered by Disqus