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15 Year Or 30 Year?

We are applying for a loan for 330K we have been given two options 15-yr 4.5% fixed interest rate or 30-yr 5.25% fixed interest rate. What is the better option? and why? what does this mean for my monthly payments? by jacobcarllon from Napa, California. Apr 6th 2010 Reply


JEFFREY MARTINO YOUNG (FHASUBMISSION.COM)
#228 ranked lender in California - 131 contributions

Jacob - Here is a breakdown on the two loan scenarios $ 330,000 at 4.5 % over 15 years your monthly payment would be $ 2,524.48 and the second scenarion $ 330,000 at 5.25% over 30 years your monthly payment would be $1,822.27 - You asked me what would be the better loan ? Well if you can afford the larger payment of $2,524.48 over 15 years you would be paying less interest and I do not know of many people who like to pay interest so I would have to say that wouuld be the better loan if you are able to make those payments comfortably.I hope this helps some Jeffrey Martino Young Essex Mortgage Bank 1-866-936-8478.

Apr 6th 2010
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Gregorio Denny (GVDenny)
#259 ranked lender in California - 380 contributions

Rates are at all time lows right now. If you are still looking, give me a call. Gregorio Denny -- WeFixRates.Com --

Jun 17th 2010
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