Questions? Call us at (800) 736-8485
Questions? Call us at (800) 736-8485
Compare a 15-year mortgage with a 30-year mortgage. Look at the monthly payment and interest costs alongside your household's other financial goals.
A 30-year fixed mortgage spreads repayment over a longer period and can offer more room in the monthly budget. A 15-year mortgage pays the loan down sooner but requires a larger monthly commitment.
The choice is not only about total interest. College savings, retirement plans and how long you expect to stay in the home can affect which payment schedule fits.
Keeping more money available each month can support other savings goals. Paying a loan off sooner can matter more to a homeowner focused on reducing debt before retirement.
The fixed-rate loans compared in our 15-year versus 30-year guide each keep the same interest rate for the life of that loan.
Explore conventional mortgage options while comparing terms. For an existing loan, our refinance overview provides the next discussion.
Review your payment estimate and financial goals with WOMC before choosing a loan term.
Western Ohio Mortgage Corporation, Company NMLS #9601. Talk with a loan officer about your estimate or call 800-736-8485.