15 year vs. 30 year loan

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Benjamin Sovacool

Taylor Donovan Realty, Inc.

8113 Tauren Ct

Naples, Florida, 34119

Office: 239-234-6900

Cell: 239-285-7443

Fax: 239-262-7112

Ben@TaylorDonovan.com

www.Taylordonovan.com

Lic. #: BK3119015

15 year vs. 30 year loan

What about a 15-year vs. 30 year loan?

The difference in payments and overall savings between a 15-year fixed-rate loan and a 30-year fixed-rate loan depends on the interest rate and the loan amount. Using a $100,000 loan and 7.25% interest rate as an example, monthly payments on the 15-year note would be $912.86. Monthly payments on a $100,000 loan at 7.25% fixed for 30 years would be $682.18.

The 15-year note offers the opportunity to save considerable money over the life of the loan, since the period of amortization is half that of the 30-year note. This means that the total interest paid on a 15-year note as compared to a 30-year note is significantly less.

However, calculating the overall savings of the 15-year note over the 30-year note depends on several individual circumstances, such as the borrower's changing income status.

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Last Updated ( Tuesday, 29 July 2008 )

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Taylor Donovan Realty, Inc. is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.