15 Year Or 30 Year?
We are applying for a loan for 330K we have been given two options 15-yr 4.5% fixed interest rate or 30-yr 5.25% fixed interest rate. What is the better option? and why? what does this mean for my monthly payments? by jacobcarllon from Napa, California. Apr 6th 2010
JEFFREY MARTINO YOUNG (FHASUBMISSION.COM)
#226 ranked lender in California - 131 contributions
Jacob - Here is a breakdown on the two loan scenarios $ 330,000 at 4.5 % over 15 years your monthly payment would be $ 2,524.48 and the second scenarion $ 330,000 at 5.25% over 30 years your monthly payment would be $1,822.27 - You asked me what would be the better loan ? Well if you can afford the larger payment of $2,524.48 over 15 years you would be paying less interest and I do not know of many people who like to pay interest so I would have to say that wouuld be the better loan if you are able to make those payments comfortably.I hope this helps some Jeffrey Martino Young Essex Mortgage Bank 1-866-936-8478.
Gregorio Denny (GVDenny)
#257 ranked lender in California - 380 contributions
Rates are at all time lows right now. If you are still looking, give me a call. Gregorio Denny -- WeFixRates.Com --
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