A 15 Year Fixed Mortgage Rate Loan can help to reduce your overall interest even faster
If you make enough money and are willing to make a larger mortgage payment each month, then you might want to take a look at a 15 year fixed mortgage rate loan. 15 year fixed mortgage rates are always about a half point lower than 30 year fixed mortgage rates. For example, if 30 year fixed mortgage rates are at 5%, then you can expect 15 year fixed mortgage rate loans to be around 4.5%.
In the first ten years of any mortgage loan, you are paying almost all interest. For example, on a mortgage loan of $200,000 at a fixed rate of 5% on a 30 year term, your fully amortized (principal and interest payment) will be $1073. Of that $1073, $833 is the interest payment.
For more information on 15 year fixed mortgage rates on how it can help you pay your mortgage off even faster
