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When to Consider a 15-Year Mortgage


When to Consider a 15-Year Mortgage
Money.com
1/25/2021
© Jose Velez / Money
15-year-fixed-rate-mortgage
Like many American homeowners, Jason Krueger refinanced his mortgage last year. The move reduced his interest rate by almost a full percent, shaved $268 off his monthly interest costs and will allow him to pay off his home more than a decade earlier.
His secret? He chose a 15-year loan instead of a 30-year one.
“We were able to go from a 30-year loan at 3.375% to a 15-year at 2.5%,” said Krueger, a certified financial planner with Ameriprise Financial. “Our required monthly payment only went up slightly, but we’ll save a significant amount in interest each month.” ....

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