The 30 Year Loan Vs the 15 Year Loan
The 30 Year Loan Vs the 15 Year Loan
The 30 Year Loan Vs the 15 Year Loan
Free Online Articles Directory
Why Submit Articles?
Top Authors
Top Articles
FAQ
AB Answers
0 && $.browser.msie ) {
var ie_version = parseInt($.browser.version);
if(ie_version Hello Guest
Login
Register
Hello
My Home
Sign Out
Email
Password
Remember me?
Lost Password?
Home Page > Finance > Mortgage > The 30 Year Loan Vs the 15 Year Loan
The 30 Year Loan Vs the 15 Year Loan
Posted: Apr 10, 2008
|
]]>
Ask a question
Ask our experts your Mortgage related questions here…200 Characters left
Related Questions
Dear Sir, My age is 30 Yrs and my wife age is 30 years i got married 3 years past. Still i have not blessed with a child. I have checked my sperm count exam Motile is 45% Sluggish is 15% and dead sper
I’m taking a family loan for 00 at 6% interest. They have a contract that has payments of 0 beginning Oct. 15, ending Oct 15 2013, which = 00. With no prepayment penalty. Is this a good…
What are some jobs that hire 15 year olds ?
For a home loan of 20 lakh.,15 yrs and age 45yrs,what should be the premium for insurance cover?Can it be linked with savings schemes also?
The 30 Year Loan Vs the 15 Year Loan
By: Dane
About the Author
Ki is a realtor in Austin. His site provides users a free Austin MLS search along with general information on Austin Real Estate and a free mortgage calculator.
(ArticlesBase SC #383353)
Article Source: http://www.articlesbase.com/ – The 30 Year Loan Vs the 15 Year Loan
There are many decisions when buying a home. One of them is what kind of loan product to use. With interest rates, payment terms and points it can be a little overwhelming. In this article we are going to compare and contrast two popular loan products the 30 Year and the 15 Year Loan.
First let’s current mortgage interest rates. 30 Year Fixed Loans are at 5.85. What does this mean as far as your mortgage payment? People frequently assume that a mortgage payment on a 15 Year Loan would be twice as much as the mortgage payment on a 30 Year Loan, but this is not the case. Using a Mortgage Calculator we can determine the payments on a 200k house.
Mortgage Payment on 200k House
30 Year Fixed Payment (5.85) 17.23
So while the payment on a 15 Year Loan is higher it’s not twice as much. The mortgage payment on a 15 Year Loan is 37 the payment would still not be twice as much.
Mortgage Payment on 200k House
30 Year Fixed Payment (5.85) 71.54
So while the payment is a higher (by 42 more. Does this mean that you should automatically get a 15 Year mortgage? Not necessarily. There are some benefits to get a 30 Year Mortgage. Getting a 15 Year mortgage might make your payments so high that you would not be able to save as much each month. And if you ran into hard times it might be beneficial to have some money in the bank since it is more accessible to pay unexpected expenses like doctors bills. Additionally, if you take the extra money you would otherwise be putting into your mortgage and invest it in the stock market you might be able to get a better rate of return.
One question that people frequently ask is what rate of return would you need to make it worthwhile to get a 30 Year Loan over a 15 Year Loan? There are different ways to think about this question. Let’s see what rate of return you would need to be able to take your money and pay off your mortgage in exactly 15 years based on current mortgage interest rates.
So you get a 30 Year Mortgage with a payment of 1179.88 instead of a 15 Year mortgage with a payment of 1671.54. So take the money you save each month by choosing a 30 year mortgage, 1.66, and put that money in the bank. If you were to receive a 30 Year Loan at 5.85 return. So if you are confident in your investments it might be a good idea to invest. If on the other hand you are simply going to put your money in a bank account it might be a good idea to consider a 15 Year Loan.
Retrieved from “http://www.articlesbase.com/mortgage-articles/the-30-year-loan-vs-the-15-year-loan-383353.html”
(ArticlesBase SC #383353)
Dane -
About the Author:
Ki is a realtor in Austin. His site provides users a free Austin MLS search along with general information on Austin Real Estate and a free mortgage calculator.
]]>
Rate this Article
vote(s)
0 vote(s)
Feedback
RSS
Print
Email
Re-Publish
Source: http://www.articlesbase.com/mortgage-articles/the-30-year-loan-vs-the-15-year-loan-383353.html
Article Tags:
mortgage interest rates, mortgage rates, interest rates, free mortgage calculator, fed, subprime, economy, real estate, loan, 30 year, 15 ye
Latest Mortgage Articles
More from Dane
How to Throw a New Year’s Party
The Swell Girls teach you how to throw a great new year’s party for all your friends. (04:21)
How to Decorate for New Year’s Eve Party
This week Meg helps us prepare for the New Year with some quick and easy decor, food and drink ideas. (02:35)
Happy New Year!!! Julia Allison, Meghan Asha and Mary Rambin discuss their New Years Resolutions and find out who loves ‘em, hates ‘em and who doesn’t even need ‘em! (04:08)
Gary Ryan Blair discusses New Year’s resolutions and what are the top new year’s resolutions (01:30)
This short video gives a brief overview of the leap year. Occurring every fourth year, the leap year has 366 days, with 29 days for February. (01:23)
How to Get a Mortgage When You Have Bad Credit?
A bad credit can mark a negative impact on your credit report leading to difficulties in availing and mortgages or other loans. But, bad credit mortgage companies specialize in providing mortgage to people with bad credit.
By:
Ryan Paull
Finance>
Mortgagel
Nov 13, 2010
A VA home improvement loan can be a beneficial aspect for many homeowners who need to make updates or repairs to their home. This is an expensive undertaking and more often than not, a loan will be needed. What are the benefits of utilizing a VA home improvement loan?
By:
Jeff Raganl
Finance>
Mortgagel
Nov 12, 2010
Government moves to reduce mortgage rates
The government will launch a billion dollar program to support the mortgage market with part of the country’s pension fund, provided banks provide mortgages at no more than 11%. A hot topic – Can Russian mortgage rates fall from their current average of 14%.
By:
jerryaa873l
Finance>
Mortgagel
Nov 12, 2010
Mortgage Bankers Push Housing Recovery to 2012
Remember the 2010 housing recovery? The Oracle of Omaha said that by the end of this year things would get better. He wasn’t the only one. Fitch also promised us stability in late 2010. Well, as the foreclosure mess spirals us toward Dec. 31, the chances for a happy housing new year seem pretty remote.
By:
h13260175272l
Finance>
Mortgagel
Nov 12, 2010
Loan Auditing Services Protect Homeowners from Predatory Lending
Loan Audits can help homeowners who are victims of predatory lenders.
By:
John Robertsl
Finance>
Mortgagel
Nov 12, 2010
New government programs and talk about eliminating the housing mortgage deduction
What came out of the New Orleans National Association of Realtor meeting and what possible changes and new programs maybe on the horizon. New programs from FHA and their launch of a possible new pilot program.
By:
Professor Loan Modl
Finance>
Mortgagel
Nov 12, 2010
The requirements of mortgages can vary greatly, depending on the type of loan you’re taking out.
By:
Paul Buchananl
Finance>
Mortgagel
Nov 12, 2010
Lifetime Home loans: Assisting Palm for Senior People
There are many factors to be considered while choosing Lifetime mortgages.
By:
Richard Marksl
Finance>
Mortgagel
Nov 12, 2010
Birthday Parties in Austin, Texas
Ideas for where to celebrate kids birthdays in Austin, Texas
By:
Danel
Home and Family>
Parentingl
Aug 13, 2009
lViews: 441
Great Places to vacation in Austin
Places to vacation with the entire family, right here in beautiful Austin,TX.
By:
Danel
Travel>
Destinationsl
Aug 13, 2009
Johnson City lies 15 miles north of Austin. This article looks at Johnson City.
By:
Danel
Travel>
Destinationsl
Aug 13, 2009
San Marcos is a small city and home of Texas State University. This article looks at the city of San Marcos.
By:
Danel
Finance>
Real Estatel
Aug 13, 2009
The Grove Wine Bar & Kitchen: Austin’s New Wine Bar on the Block
Austin’s newest wine bar is quickly becoming a favorite among local wine aficionados.
By:
Danel
Food and Beverage>
Wines and Spiritsl
Aug 13, 2009
Budgeting 101: A Beginner’s Guide
Creating an accurate budget is important not only because it helps you see where you are financially, but also helps you map out the road to where you’d like to be.
By:
Danel
Finance>
Personal Financel
Aug 12, 2009
The Recent Introduction Of Raspberry Ants To Texas
The Rasberry Ant has recently been found in Central Texas. This article looks at the Raspberry Ant and its introduction to Texas.
By:
Danel
News and Society>
Environmentl
Jun 09, 2009
lViews: 497
The Central Texas City of Georgetown
Georgetown is small city lying just north of Austin Texas. This article looks at some of the history and features of Georgetown.
By:
Danel
Finance>
Real Estatel
Jun 09, 2009
Submit
Your Articles Here
It’s Free and easy
Sign Up Today
Author Navigation
My Home
Publish Article
View/Edit Articles
View/Edit Q&A
Edit your Account
Manage Authors
Statistics Page
Personal RSS Builder
My Home
Edit your Account
Update Profile
View/Edit Q&A
Publish Article
Author Box
Dane has 87 articles online
Articles Categories
All Categories
Advertising
Arts & Entertainment
Automotive
Beauty
Business
Careers
Computers
Education
Finance
Food and Beverage
Health
Hobbies
Home and Family
Home Improvement
Internet
Judaism
Law
Marketing
News and Society
Relationships
Self Improvement
Shopping
Spirituality
Sports and Fitness
Technology
Travel
Writing
Accounting
Banking
Credit
Currency Trading
Day Trading
Debt Consolidation
Insurance
Investing
Loans
Mortgage
Personal Finance
Real Estate
Taxes
Wealth Building
]]>
Need Help?
Contact Us
FAQ
Submit Articles
Editorial Guidelines
Blog
Site Links
Recent Articles
Top Authors
Top Articles
Find Articles
Site Map
Webmasters
RSS Builder
RSS
Link to Us
Business Info
Advertising
Use of this web site constitutes acceptance of the Terms Of Use and Privacy Policy | User published content is licensed under a Creative Commons License.
Copyright © 2005-2010 Free Articles by ArticlesBase.com, All rights reserved.
With Mortgage Rates so Low Will it be Easy to Refinance
Category: Rates
