Contact Information
Frank Free Lake Realty 19900 W Catawba Ave PO Box: Suite 103 Cornelius, NC, 28031
Office: 704-892-6350 Cell: 704-201-5262
Lic. #: 139143
|
|
15 year vs. 30 year loan |
| Print |
|
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 Lake Norman, NC Real Estate?
Ask us below or Call us Now at 704-892-6350
|
|
Last Updated ( Tuesday, 29 July 2008 )
|
|
