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How much will i save in interest in a 15 year mortgage? Is that a good option?

Will my payments be higher? by how much? Our 1st mortgage balance is in a 7/1 ARM, $367250 at 5.25%. ANy advise would be appreciated by Ravi1975 from Irvine, California. May 17th 2011 Reply


Tuan Vo (tuan.pi)
#312 ranked lender in California - 2 contributions

how long have you had your 7/1 arm? my calculations show you pay about $2027.97 switching over to a 15 year fix at 3.5 your payment would be around $2625.41 You would definitely save lots of money in interest over the long haul. Rates on a 15 year are as low as 3.5 percent. Give us a call sometime so we can discuss options. 510.409.4969 Tuan

May 17th 2011
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Chris Gummerson (cgummerson11)
#398 ranked lender in California - 648 contributions

If you google mortgage calculator, or go to bankrate.com then you can plug in all the details, and it will calculate the payments, interest etc.

May 17th 2011
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David Webber (DavidWebber)
#59 ranked lender in Texas - 71 contributions

Typically a 15 year loan is not as risky by any means. give me a call can help. 214-771-8696

May 17th 2011
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Eddie Sexton (esexton)
#7 ranked lender in Kentucky - 54 contributions

Pay the payment with the lowest term that will fit into your budget. That is the approach that will save you the most money. However, there are those that feel you should keep a 30 year mortgage and invest the difference in payment. It depends on your philosophy.

May 17th 2011
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MIKE CONVIN (mconvin)
#6 ranked lender in Delaware - 202 contributions

hi there: If you are a conservative borrower, you might want to think long term...saving for your kids college, tax break on interest you pay..long term investments. If you are able to maintain financially then perhaps a 15 mtg would be suitable and def will pay off your home much faster than a 30 yr of course.....you might want to try a 25 or 20 depending on your financial situation......20 yr fixed payment will be around $2300 plus your taxes/insurance. Be glad to go over your questions..Mike703 505 5300

May 17th 2011
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