15-Year vs. 30-Year Mortgage: An Overview
A bewildering variety of mortgages may be available, but for most homebuyers, in practice, there is only one. The 30-year fixed-rate mortgage is practically an American archetype, the apple pie of financial instruments. It is the path that generations of Americans have taken to first-time homeownership.
But many of those buyers might have been better served if they had opted instead for a 15-year fixed-rate mortgage.
The loans are structurally similar—the main difference is the term. While a 30-year mortgage can make your monthly payments more affordable, a 15-year mortgage generally costs less in the long run.
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