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15 year mortgage and 30 year mortgage compared

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?

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. .........

$2.19