In the event your rate of interest in both mortgage loans is the identical, up coming sure, you’ll end up paying the same amount in notice if both are paid back into the fifteen years.
And additionally, if you find yourself planning on taking right out a thirty-seasons home loan towards goal of paying it off very early, make sure it generally does not have an earlier fee penalty; this is a penalty the bank commonly charge you if you pay-off the loan early.
Sure. It does rates the same to repay a good “15 season during the 15” year versus a “30 12 months in 15 season” financial. At all, brand new 30 12 months amortization several months is only used by the lending company in order to calculate this new payment per month he will anticipate, when you find yourself, unbeknownst to help you him, youre using a beneficial 15 seasons amortization and exact same rates so you can determine the latest payments it is possible to very create. Read More