15 Year Mortgage

Maryland 15 Year Mortgage Learning Centre

The benefits to utilizing a 15 year mortgage are great, reduced interest rates, documents and appraisal requirements can make a 15 year mortgage perfect for those trying to cut down on the total cost of the interest financing.

  • Example of a 15 year mortgage versus a traditional 30 year mortgage for prinicpal and interest only.
  • Based on a $200,000.00 purchase price with 20% down and a financed amount of $160,000.00

Principal & Interest payment

  • 30 year based on 4% principal & interest at $763.86 per month
  • 15 year based on 3.5% principal & interest at $1,143.81 per month

In this example the 15 year mortgage is .5% lower in rate and the monthly payment is higher than   the 30 year payment by $379.95 per month.  You save $91,609.00 in interest over the life of the loan.  The interest rates on 15 year loans are also normally .5% lower as well.

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