15 Year vs 30 Year Mortgage | Which Is Better For You?
When comparing a 15 year vs 30 year mortgage it's important to understand all the factors in making this decision. Whether you can afford a home using either of these home loans, it is important to understand the difference between a 15- and 30 year mortgage. There are pros and cons to each.
15 Year Mortgage Pros
– Lower interest rate (typically .25% to 1% lower than a 30 year)
– Faster pay off period
– Build equity faster
15 Year Mortgage Cons
– Higher Monthly Payment
30 Year Mortgage Pros
– Lower Payment (buy more house than you can afford)
– Able to invest the extra money per month
30 Year Mortgage Cons
– Slower pay-off period
– Slower equity build due to slow principal paydown
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My mission is to provide my viewers with actionable content that enables them to create financial wealth. My videos are a reflection of my real-world experience as a real estate investor, stock market investor, student of finance, and entrepreneur.
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Great video! I’m weighing the option of remodeling the current hours I’m in vs building a new house. I would love to see a video on that as well!
Have spent the past 5yrs renovating our mid-century primary residence. It’s a tough call. All depends on what you want out of it (equity vs. personal fulfillment).
Marko, can you talk about real estate in Cleveland? I just moved here for a new job and am researching the housing market. I would like to learn more about this market. If you already have videos, please suggest. TIA
340k for 30 years
Have you heard about 40 year mortgages yet? My team and I were discussing it. #1 comment. “The average life span for an American is 76 years.”
Dang you’re up to a million subs. Congratulations
Hey Marko, can you make a video on this statement: ‘Eugene Fama believes Bitcoin is mostly a speculative asset, not a real currency. He argues that its price is very unpredictable and lacks intrinsic value. Because of this, he is skeptical about Bitcoin’s long-term usefulness.’
Forget them both. 1st lien HELOC or bust!
My first mortgage was a 30 yr mortgage, I’ll never do that again. Most of the money in the beginning of the loan goes to interest & taxes. 15 or less is the way to go.
Unless you account for inflation.
With Trumps plan to lower mortgage rates. Is it even realistic?
We went with a 15yr fixed and landed at 3.25. Spent the past 5yrs paying out of pocke/sweat equity to renovate and while we have ultimately made an incredible return I would have financed part of the reno while rates were low so we could be done and moving on with other things like being new parents. 15yr works great if you plan well, have enough to keep up an emergency fund, and can handle any impending tax hikes. Just don’t it to “accelerate” your financial life if it puts you at your limits.
Do the rich pay off their houses or do they just keep borrowing at a low rate
All depends on their strategy. We have friends who paid off their house by 40 and are millionaires enjoying time with their kids. We have some other friends who keep lortagages on all their properties and are technically worth way more but have to manage them all. In the end, the way you want to be involved with your assets is a big driver. We’re taking the former approach and now at 36 are glad we chose that route.
Marko, what are your thoughts on a the psychological benefits for owning a home. This is one of the key reasons Dave Ramsey encourages paying off the house early. Are there any statistical studies on this?
Your videos are always awesome, really appreciate how you gave a fair perspective of each and then shared👍
I appreciate that!
Forever gonna support this channel
I prefer a 30 year mortgage with extra principal payments for max flexibility.
I’ve been waiting to refi to a 15 yr mortgage for 2 years now.
watch my last video on how mortgage rates are going up forever
Hey Marco! What about someone looking to buy in SoCal 😔
How about having your payments applied towards principal instead of interest if you have a 30-year mortgage?