Does it add up?
If you paid the rate a 15-year mortgage on a 30 year loan, would you pay off your loan in 15 years? by kenja937 from Lindsay, Oklahoma. Jun 24th 2020
Sara Deere (Mortgagequeen2)
#15 ranked lender in Missouri - 608 contributions
Actually quicker than 15 years and save a lot of overall interest
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Lots of people take a 30-year loan, and make extra payments to pay it off faster. Interest rates on a 30-year loan are a little bit higher than that of a 15-year loan. So taking a 30-year versus a 15-year, but paying extra to pay off in 15-years will require just a little more in extra payments to achieve 15-years versus taking a straight up 15-year loan from the beginning. I lend in MN IA WI ND SD. Reach me at iMortgageJoe.com. NMLS 274132
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