The 15 Year Fixed Rate Mortgage - How To Pay Off Your House FastThinking of a 15 year fixed rate mortgage to pay off your house fast? "There are few things in this life that equals the sensation of being paid up." --Kin Hubbard, Abe Martin's Primer, 1914 My friend, Tucker, lives near a farming community. Waiting for his coffee the other day, he watched in wonder as a young man pulled away in his Ferrari. "Probably takes his entire paycheck to make that payment", Tucker mused. Walking back out to his truck, he questioned himself, "Tucker, what's wrong with you? Why do you continue driving the same vehicle year after year? You've worked smart. What do you have to show for all of the money you've made?" And right in the middle of the parking lot, he stopped! "I own a house that does not belong to the bank! I haven't needed a mortgage in years! And all because of the 15 year fixed rate mortgage." Mortgage Amortization That Saves MoneyThe 15 year fixed rate mortgage... It's the easiest way to take advantage of mortgage amortization. It's also the greatest bargain. Not only is your interest rate lower than a 30 year home loan, the 15 year fixed rate mortgage saves you thousands and thousands of dollars in interest over the years. Plus you'll be mortgage free after 180 payments! Here's a good example. Assume you borrow $200,000 and your brother Donald does too. You choose a 15 year fixed rate mortgage but Donald opts for a 30 year mortgage. Speed up the clock another 15 years. You've paid off your mortgage. Your brother still has to repay $142,00 in principal and an additional $74,000 in interest over the next 15 years. After 30 years, Donald's total interest paid will be approximately $232,000. That's nearly $128,000 more interest that your brother has to pay for borrowing the same $200,000 as you. Yes, Donald's mortgage payment has been lower but for the next 15 years, unlike Donald, you have NO payment! The numbers in this example are estimated. Consult a lender for exact numbers and outcome. Interest rates vary and could determine a different result. You Can Pay Off Your Mortgage
If thoughts of being mortgage free are appealing, a 15 year fixed mortgage may be just the home loan for you. Riveting Fixed Rate, Hybrid and Adjustable Rate Mortgage HelpAssure yourself of the lowest fixed payment possible with this best fixed rate mortgage yet pay it down as quickly as you like. The 15 year fixed rate mortgage will save you thousands and thousands of dollars in interest over the years. Plus with the 15 year fixed rate mortgage, you'll be payment free after 180 months! What would you do with an extra $87,789? Meet the 20 year fixed rate mortgage. Introducing the 25 year fixed rate mortgage combining the security of a 30 year fixed home loan enhanced by a slightly lower interest rate. I've heard it referred to as boring but I crown the 30 year fixed rate mortgage King Of Mortgages! The 40 Year Fixed Rate Mortgage - When fast mortgage pay offs may not be for everyone. Are adjustable mortgage rates good or bad? It all depends on your circumstances. Imagine what it would be like if you could plan for changes to your adjustable rate mortgage. If the cheapest fixed rate mortgages will save you money, why pay for more? Come on Kate! Aren't interest only mortgage loans just hidden adjustable rates? Ask Kate About ARMs - Ask a question to get an answer from Kate about mortgages that adjust. ARM Ask And Answer - Questions about adjustable rate mortgages, each with a individual answer from Kate Return home to Get-Your-Best-Mortgage-Rate from the Fixed Rates, Hybrids and Adjustable Rate Mortgages Collection Didn't find what you're looking for? Here's more help!Tip: Use this toolbar to search this site or Ask Kate for answers.  Custom Search Bookmark And Share 15 Year Fixed Rate MortgagePlease help me spread the word. I depend on your word of mouth! Using the convenient buttons you see below, bookmark and share 15 Year Fixed Rate Mortgage.
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