Have you considered a 15 year Mortgage?

Mortgage Interest ads up…

The two graphics below are a simple illustration of the difference in the costs of a 15 year  and a 30 year mortgage.  The same house financed for 30 years in lieu of 15 years will cost you a whopping $76,368.60 more in interest [based on the factors below – for a home loan of $150,000 at an interest rate of 5%].  If you can think of a lot of things that you can do with $76K (other than pay it in interest) you may want to think twice about that 30 year term.

Call (407-758-1020) or write if you have questions about buying a home!

 

30 year mortgage payment breakdown

15 Year Mortgage Payment Breakdown

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