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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.
Questions about Lancaster County Real Estate?
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Contact Information
Brandon Clark, GRI, ABR, CSP Coldwell Banker Select Professionals 1000 North Prince Street Lancaster, Pa, 17603
Office: (717)735-8308 Cell: (717)682-7353 Fax: (717)283-4535
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