By Jason Boone
There’s no denying that mortgage interest rates are historically low right now and although getting a 30-year fixed mortgage loan may be your number one priority as a Bend Oregon Home Buyer should you consider 15-year mortgage loan instead?
Why consider a 15-year mortgage loan?
Yes, everyone you may be talking with during your house hunt from your parents, grandparents, co-workers to friends, about getting a 30-year fixed mortgage loan, but did you know that you can pay off your mortgage loan faster and save roughly $190,000 by choosing a 15-year mortgage loan?
How It Works
Let’s say that you’re a Bend Oregon home buyer and you want to purchase a $400,000 home.
With a 30-year fixed mortgage loan with an interest rate which is 4% or lower you can expect to pay close to $300,000 dollars in interest during the 360 months that you will have the mortgage loan compared to just $97,218 in mortgage loan interest that you will pay during the 180 period of time that you have a 15-year mortgage loan.
Not For Everyone
When you choose a 15-year mortgage loan you could expect to pay a mortgage payment of roughly $2,762 per month (principal and interest) versus paying close to $2,000 per month for the 30-year fixed mortgage loan.
Obviously in order to be able to manage the higher monthly payment you would have to have your income, debts and other financial priorities in order to accept the responsibility of a higher monthly mortgage payment.
Bend Oregon Home Buyer – Get More Tips Here
For more Bend Oregon Home Buyer tips, or to view homes for sale across Bend, contact me, Jason Boon, Principal Broker with Duke Warner Realty | Skjersaa Group by clicking here to connect with me online or calling me at (541) 383-1426.