15- vs. 30-Year Mortgages: Which Is Best for Me?
(WorldNews Business)

15-year mortgages and 30-year mortgages appeal to different audiences. One helps you reduce the overall cost of your mortgage in exchange for a higher monthly payment, while the other offers lower monthly payments if you`re willing to pay the lender more over the lifetime of the loan. The most popular loan term is 30 years, but this isn`t always the best choice. For some people, a 15-year term may be a better fit. Here`s a quick example illustrating the differences in monthly and overall costs between the two loan terms. The costs Let`s assume you`re interested in purchasing a $250,000 home, and you can afford to put 20% down, so you won`t have to pay for private mortgage insurance (PMI)....