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15 vs 30 Year Mortgage

Though you can pay off your mortgage as soon as your finances allow – you inherent, receive a bonus, win the lottery (unlikely, but still a possibility, however remote) – most mortgage owners make their last payment after 15 or 30 years. 

Fixed 15-year and 30-year mortgages are structured similarly in that the payment and the interest remain the same, or fixed, over time. A portion of the loan is interest; the other component is the principal or the sum of money borrowed in a loan.  

But here the similarities end.  

30-Year: Pros and Cons

According to Freddie Mac, 90% of all homeowners choose a 30-year mortgage. 

In a nutshell, a 30-year mortgage is a longer mortgage. It is more affordable in the short term in that it carries a lower monthly payment (hooray!).  However, the interest will be higher, so you’ll end up spending more in the long run (boo!). 

With a 30-year mortgage, most of the money in your monthly payment is directed toward the interest of the loan. As the balance whittles down, so too does the interest because the principal on which the interest is based is decreasing. 

So, why do the vast majority of homeowners choose a 30-year mortgage if it will cost them more in the end? A few reasons. The lower monthly payment of a 30-year mortgage allows the homeowner to build up savings and frees up funds for other goals, like paying off student loans, bolstering your childrens’ college funds, and saving for retirement. A lower mortgage payment also means you can afford more house.

15-Year: Pros and Cons

So that leaves 10% of homeowners who opt for a 15-year mortgage. 

A 15-year mortgage is obviously shorter in duration than a 30-year. It carries a lower interest rate but a higher monthly mortgage payment. With a 15-year mortgage, you pay off the principal faster and pay less interest – a lot less – over the lifetime of the loan, potentially saving thousands of dollars long term.

It’s what financial advisers call “forced savings” because the homeowner is building equity (ownership) in the prosperity, much faster than if he or she had a 30-year mortgage. If you can swing it financially, then it’s a financially prudent choice. You own your house free and clear in half the time, and the money you save on interest can be channeled to other goals, like home updates, establishing a new business, or travel.

Still uncertain? There is no “one size fits all” with a mortgage (or in life). The professionals at Aksarben Mortgage can help you determine what approach is best for you and your financial situation. Contact them today.

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About Us

We've been helping customers afford the home of their dreams for many years and we love what we do.

Company NMLS: 1944087
www.nmlsconsumeraccess.org

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17838 Burke St Ste 102
Omaha, NE 68118
Phone: (402) 301-7098
nick@aksarbenmortgage.com

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Aksarben Mortgage strives to ensure that its services are accessible to people with disabilities. Aksarben Mortgage has invested a significant amount of resources to help ensure that its website is made easier to use and more accessible for people with disabilities, with the strong belief that every person has the right to live with dignity, equality, comfort and independence.

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Disclaimer

Aksarben Mortgage continues its efforts to constantly improve the accessibility of its site and services in the belief that it is our collective moral obligation to allow seamless, accessible and unhindered use also for those of us with disabilities.

Despite our efforts to make all pages and content on Aksarben Mortgage website fully accessible, some content may not have yet been fully adapted to the strictest accessibility standards. This may be a result of not having found or identified the most appropriate technological solution.

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If you are experiencing difficulty with any content on Aksarben Mortgage website or require assistance with any part of our site, please contact us during normal business hours as detailed below and we will be happy to assist.

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Aksarben Mortgage Accessibility Statement

General

Aksarben Mortgage strives to ensure that its services are accessible to people with disabilities. Aksarben Mortgage has invested a significant amount of resources to help ensure that its website is made easier to use and more accessible for people with disabilities, with the strong belief that every person has the right to live with dignity, equality, comfort and independence.

Accessibility on Aksarben Mortgage website

Aksarben Mortgage makes available the UserWay Website Accessibility Widget that is powered by a dedicated accessibility server. The software allows aksarbenmortgage.com to improve its compliance with the Web Content Accessibility Guidelines (WCAG 2.1).

Enabling the Accessibility Menu

Aksarben Mortgage accessibility menu can be enabled by clicking the accessibility menu icon that appears on the corner on the page. After triggering the accessibility menu, please wait a moment for the accessibility menu to load in its entirety.

Disclaimer

Aksarben Mortgage continues its efforts to constantly improve the accessibility of its site and services in the belief that it is our collective moral obligation to allow seamless, accessible and unhindered use also for those of us with disabilities.

Despite our efforts to make all pages and content on Aksarben Mortgage website fully accessible, some content may not have yet been fully adapted to the strictest accessibility standards. This may be a result of not having found or identified the most appropriate technological solution.

Here For You

If you are experiencing difficulty with any content on Aksarben Mortgage website or require assistance with any part of our site, please contact us during normal business hours as detailed below and we will be happy to assist.

Contact Us

If you wish to report an accessibility issue, have any questions or need assistance, please contact us by sending an email to: nickzwiebel@yahoo.com