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Mortgage question
Posted on 3/6/09 at 4:17 pm
Posted on 3/6/09 at 4:17 pm
What are usually the interest/payment differences between a 30 yr and 15 yr mortgage?
5
Posted on 3/6/09 at 4:20 pm to lsucocoa
15 years 
Sorry to be a smart arse but I couldn't resist. Your monthly payment will be much higher on a 15yr but your total payback on the loan will be much less for the same interest rate.
Sorry to be a smart arse but I couldn't resist. Your monthly payment will be much higher on a 15yr but your total payback on the loan will be much less for the same interest rate.Posted on 3/6/09 at 4:21 pm to lsucocoa
google mortgage amortization schedule, then input your numbers.
Posted on 3/6/09 at 4:22 pm to lsucocoa
Posted on 3/6/09 at 4:23 pm to bayoudude
Why is that funny? I would think over time it would end up costing much less. Monthly payments can't be twice as much right? But how much less than double?
This post was edited on 3/6/09 at 4:25 pm
Posted on 3/6/09 at 4:25 pm to Cold Cous Cous
quote:
15 year will usually have a slightly lower interest rate.
very good link
Posted on 3/6/09 at 4:27 pm to lsucocoa
I think my folks borrowed $60k on a 15yr fixed and their notes are around $600/month. Don't know the interest rate they have though. Hope that helps.
Posted on 3/6/09 at 4:27 pm to Cold Cous Cous
Muchas gracias.
Posted on 3/6/09 at 4:31 pm to bayoudude
Just checked out the link. Very good stuff. Makes you sick to see the interest you pay over a 30yr period. If I could have swung the 15yr notes on my house I definitely would have. I just try to pay a couple hundred a month extra so I should pay it out in about 20 instead of 30 and I am not married to the higher note if my income changes.
Posted on 3/6/09 at 7:07 pm to lsucocoa
call your buddy in houston that is in mortgage biz, or call his old boss here in br.
i think this is the guy that played on brec bball team with rwilliams a few years ago
i think this is the guy that played on brec bball team with rwilliams a few years ago
Posted on 3/6/09 at 7:36 pm to lsucocoa
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