15 Vs. 30-Year Mortgage: How To Determine Which Is Better? Story

15 Vs. 30-Year Mortgage: How To Determine Which Is Better?

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[{"selector":"#anim-2b3e64c3-d346-40aa-821f-2a4ca3805b3e","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ef531d9a-2d4f-44f3-b9d5-dbf81912156f","keyframes":{"transform":["translate3d(0px, -445.15876%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] One of the most important decisions when buying a home is getting a 15 vs. 30-year mortgage. Both options have their pros and cons. Learn more

We will discuss the differences between these two mortgage options and some of the factors you should consider.

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How Does a Mortgage Work?

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A mortgage is relatively simple: If you qualify, you can take on a loan from a bank. That loan principal and the interest on the loan is the mortgage.

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You will make monthly payments until you pay back the value of the mortgage. Once you do that, you own the house – until then, the bank is the homeowner, and if you stop paying for the house, the bank can take possession of the home.

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Types of Mortgages

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These mortgages will have the same interest rate during the loan duration. These mortgages are commonly available for a 30 or 15-year period.

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