For both, as we show you in this video, compared with other options, with fixed rates, housing costs won’t be affected by interest rate changes and inflation.
With A 30-Year Term: In the first 23 years of the loan more interest is paid off than principal meaning larger tax deductions. As inflation and costs of living increase mortgage payments become a smaller part of overall expenses.
With A 15-year Term: Loan is usually made at a lower interest rate. Equity is built faster because early payments pay more principal. And the loan is paid off earlier.
Compare payments, principal and interest totals to make a decision.
Latest posts by TitleTap (see all)
- The 8 Best Websites for Attorneys - November 15, 2019
- The 5 Topics Every Attorney’s Website Chatbot Should Include - August 30, 2019
- How This One Page on Your Website Can Generate Leads For Years to Come - August 12, 2019