Comparing Mortgages: 30 years or 15 years? By Dana Sacdalan - financial coach

  • 30 year mortgage at 4%.
  • 10% down payment: $42,500.
  • Sample home price: $425,000.
  • Monthly base payment: $1826 plus taxes and home-owner's insurance (approx. $450).
  • PMI (approx. $231 required unless you have a 20% down payment)
  • Total monthly payment = $2507
  • Total paid out after 30 years: $657,402
Is it worth getting hung up on your mortgage for 30 years? Get a 15 year loan and be free to live your life!
  • 15 year mortgage at 3.33%.
  • 20% down payment: $85,000.
  • Sample home price: $425,000.
  • Monthly base payment: $2402 plus taxes and home-owner's insurance (approx. $450).
  • PMI (20% down payment means NO PMI!)
  • Total monthly payment = $2852
  • Total paid out after 15 years: $432,417

Dana Sacdalan - Financial Coach

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Created with images by LoggaWiggler - "sunset abendstimmung lake" • sweetlouise - "little house for birds tree garden" • LoggaWiggler - "sunset abendstimmung lake"

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