Question Details

Rosalyn Sant…, Real Estate Pro in 93635

15 Year Fixed vs 30 year Fixed?

Asked by Rosalyn Santiago, 93635 Wed Mar 11, 2009

If I am buying under the 100's wouldn't it be better to do a 15 yr loan instead of a 30 year fixed?

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1
Rosalyn,

I know the math is not the whole story when it comes to your answer, but here is a quick and current comparison:

30-Year Fixed:
Loan Amount: $80,000
Rate: 5.250% at 0 points
Payment: $441.76
Interest over Term: $79,592

15-Year Fixed:
Loan Amount: $80,000
Rate: 4.750% at 0 points
Payment: $622.27
Interest over Term: $32,553

Hope this helps, but let me know if you need more information.

Thank you!

Rob Spinosa
rspinosa@mortgagemasterinc.com
0 votes Thank Flag Link Wed Mar 11, 2009
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