WHAT ARE THE ADVANTAGES OF 15-AND-30-YEAR LOAN TERMS?
30-Year: • In the first 23 years of the loan , more interest is paid off than principal, meaning larger tax deductions. • As inflation and costs of living increase, mortgage payments become smaller part or overall expenses. 15-Year: • Loan is usually made at a lower interest rate. • Equity is built faster because early payments pay more principal.
