15 Year vs. 30 Year Mortgage

When looking at the 15 year vs 30 year mortgage it is important to first begin by understanding all of the components of this decision. Like everything, there are pros and cons to each, and depending on your particular situation, these will help you decide if you can afford a home using either a 15 year or 30 year mortgage.

In my opinion, I favor the 30 year mortgage because it allows you to free up some extra cash. This cash is now at your deposal, whether to invest, save, or use for a rainy day. Continue watching, for a real world example of how a 15 year and 30 year mortgage works!

Have a Real Estate topic or question?🏠 List them in the comments below and I will answer them👍

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Content Creator: 🎥✅
Riley West

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[Westimate]

Thanks for watching! 👍 Please leave your questions and comments below!

[tzuqbts]

I bought a condo in december 2019 for 300k on a 30 year 0% down, sold it may 2022 for 370k. A 30 year mortgage can work for you, but my next home I'm planning on using a 15 year. I think each one is tailored to different circumstances.

[gabrielortiz]

Thanks for the breakdown of how you can invest those extra dollars instead of paying a 15.

[TheSquirrelsNest]

Wow, The only reason to get a 30 year loan is to purchase more house then you could on a 15. Completely wrong thinking. Nobody is going to invest the "savings" of 723 on one payment verses the other payment. Most people move after 5 years so on a 30 year all they have paid is interest. If you took the 15 year mortgage and "saved" the 2086 for the next 15 years you would have a paid for house and 600k saved (6%) 100% of foreclosed houses have a mortgage. Tell me people over the last 18 months wouldn't your life have been less stressful with no mortgage?

[WheelerRickRambles]

And... what’s the average life of a mortgage loan?

[Robert-zxdf]

But you wouldn't have 86k lump sum to invest, you would do it monthly

[rajatjims]

What if 86000 goes 60000....I ll go for 15 year