Benefits of a 15-Year Mortgage:
- Throughout the life of your loan you will pay thousands less in interest.
- Retire without having to worry about mortgage payments.
- Be Debt-Free quicker.
- Put your payments towards your principal as opposed to the interest.
A household should consider a 15-year loan if they wish to pay their mortgage off sooner and can afford a higher monthly payment. Paying your mortgage off in 15 years can save you a significant amount of interest paid.
Roy Koldaro, Vice President of LendingSan Diego, CA