15-year loans have a higher payment than 30-year loans. This higher payment means that more money to be applied to your loan balance, letting you pay it off faster. Because 15-year mortgages are a short loan, they carry less risk than a traditional 30-year refinance loan for the bank.
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The average for a 30-year fixed-rate mortgage trended upward, but the average rate on a 15-year fixed was down. The average rate on 5/1 adjustable-rate mortgages, or ARMs, the most popular type of.
But 15 year loans aren’t for everyone, even if you can afford the higher payment you need to evaluate your financial situation to ensure it is something that will work for you. Alternative to Refinancing into a 15 Year Mortgage. You can always pay a little extra towards your mortgage balance at any time.
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A 15 year loan is not always your best choice. Here’s why and what to look out for. If that does happen, you simply go back to your original (lower) payment schedule. Neal’s Notes: You might be drawn to a 15 year mortgage as rates are so low you might be able to keep your payment stable yet.
Over the next 30 years, you’ll pay over $360,000 in principal and interest. Refinancing to a 15-year mortgage at 3.2% interest only raises your payment by about $120 a month, but cuts your total cost from $368,000 down to around $273,000. And that’s including refinancing fees of $6,000.
I am thinking of refinancing one of my rental property ( currently own 3) Need your help to decide if I should stay at 15 years or go for 30 years. My goal is to eventually pay it off and buy 4th house (owner occupied) this year. Current mortgage (last refi jan 2013). 2,000, 3.12%, 15 years loan, $1625.