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    15 year mortgage and 30 year mortgage compared

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    If you purchase a home for $165k at 5% interest, what would the monthly payments be for a 15 year mortgage and for a 30 year mortgage?

    Which mortgage would you choose and why?

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    Solution Preview

    15 years: monthly payment of $1,304.81
    30 years: monthly payment of $1,084.01

    It ...

    Solution Summary

    It depends on what your goals are as to which mortgage you would choose. .........