find mortgage and refinancing information Akron Ohio


We would like to thank the local libraries, schools, and universities for recommending students to visit us when doing research on any of our information topics.
 Please check back frequently as new topics are added and current topics are updated daily.


Mortgage Free In 15 Years!

Imagine paying your mortgage off in 15 years! Think of all the great things you could do with that extra money. What would you do? Retire early? Buy an R.V.? Travel around the world? If you could eliminate your mortgage in half the time, then your options would be wide open.

Let's take a look at 3 benefits and 3 considerations when evaluating whether or not the 15 year fixed rate mortgage, is right for you:

  • Lower Interest Rate
  • Huge Savings on Interest Paid
  • Mortgage Paid in 15 Years
  • Affordability
  • Expendable Income
  • The 15 Year Loan as an Investment

1. Lower Interest Rate:

The 15 year amortized fixed rate loan carries a lower interest rate.

  • The interest rate is usually about ½ % the rate of a 30 year term.
  • For example, as of today's date, the average 30 year fixed is going for about 5.67%, while the average 15 year fixed is going for about 5.10%.
  • That's a savings of .57%!

2. Huge savings on Interest Paid:

Do you want to save a ton of money? A 15 year fixed will accomplish this for you.

  • Let's look at a $300,000 loan. Over the course of 30 years, at 6% interest, you will pay the bank $347,514 in interest. (Yes that's right. You're paying the bank 115% of the loan value, over the course of 30 years).
  • However, with a 15 year fixed rate loan, at 5.5%, you will only pay $141,225 in interest (Wholly smoke! That's a savings of $206,289!).

What would YOU do with $206,289?

3. Mortgage Paid in 15 years:

Because the loan is amortized for 15 years, instead of 30 years, your commitment to the bank is cut in half.

  • This is an enormous advantage. After 15 years, money normally applied to a house payment can be applied to investments.
  • Or, you can begin considering alternative careers, retirement, or home improvements.
  • Or you can just spend that extra money on fun stuff and goodies.

Any way you look at it, cutting your commitment down to 15 years affords you many more options in life.

So we've established that a 15 year loan clearly has some amazing benefits. But, is the 15 year loan right for you? Let's take a look at some important considerations:

4. Affordability:

Even though the 15 year fixed rate loan enjoys a ½% savings in interest, there is still the question of affordability.

  • For example, a $300,000 mortgage, amortized over 30 years at 6%, equates to a monthly house payment of $1798.
  • But the same loan amortized over 15 years at 5.5%, equates to a monthly house payment of $2,451.
  • That's an extra $653 per month, or a payment that's 36% higher than a 30 year fixed.

Can you afford the long-term commitment of a 15 year fixed rate loan?

5. Expendable Income

The 15 year fixed rate loan is an important consideration if you have extra income and you are looking to apply it somewhere. Ask these important questions:

  • Are all your bills getting paid?
  • Do you have low debt?
  • Are you spending too much each month on luxuries?
  • Are you spending too little each month on productive investments and savings?

If money's got you down, and things are tight, and if there are other financial areas for you to explore first (such as paying off credit cards), then perhaps the 15 year loan may not be right for you, at least not right now.

Start by completing a budget analysis, and figure out a plan to get you from point A to point B.

6. The 15 Year Loan As An Investment:

This is really, the most important consideration. A 15 year fixed rate loan is more of an investment then anything else.

  • The financial benefits of a 15 year fixed rate RIVALS the benefits of a 401k, Roth IRA, and Mutual Fund performance.
  • You need to compare the money saved (in our example, that's $206,289) to the performance of your other investments in your portfolio. Remember to calculate in the extra money you are paying for the 15 year loan (in our example, that's $653 per month), so that you can determine a net profit.
  • If you are exploring ways to build wealth, and apply your money in a productive way, then you need to seriously sit down, and figure out how to get a 15 year loan incorporated into your plan.

Remember, money saved, is money earned!

We've enjoyed providing this information to you, and we wish you the best of luck in your pursuits. Remember to always seek out good advice from those you trust, and never turn your back on your own common sense.

Publisher's Directions:

This article may be freely distributed so long as the copyright, author's information, disclaimer, and an active link (where possible) are included.

Disclaimer: Statements and opinions expressed in the articles, reviews and other materials herein are those of the authors. While every care has been taken in the compilation of this information and every attempt made to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. The author will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.

About The Author

Copyright 2005, by LoanResources.Org , This article is available in full format at: Mortgage Free , Tom Levine provides a solid, common sense approach to solving problems and answering questions relating to consumer loan products. His website seeks to provide free online resources for the consumer, including rate-watch, tips and articles, financial communication, news, and links to products and services.


15-Year Mortgage Rates Today  Business Insider

used office furnishings-supplies-equipment-desks-cubicles-service-counters for sale in Akron Ohio   Die cast model cars for sale in Akron Ohio  
used cars for sale in Akron Ohio   unfurnished homes for rent in Akron Ohio

Click here to
OfficeJax free ad space available here

Find used office equipment in Ohio at www.OfficeJax.Has.It

Find the best fleamarkets at www.FleaMarketWorld.Has.It


Find electric powered vehicles at www.NoGas.Drives.It

Akron City directory

Free Automatic Link Exchange

Flea Market World

Find homes for rent
in Akron Ohio

iphone-4-less below wholesale prices


Place your AD here. Click here for more details.

Click above to place your AD here

[Back to Top]

Ohio RealEstate

auction news and listings for Akron, Ohio

Akron crafts and hobby news center

best home remedies and do it yourself tips

Akron currency trading

Akron Ohio pet news

Advertising and promotions Akron, Ohio

The Akron blogging news center

Akron Ohio web site design news

Akron Mortgaging and refinancing

Web site design tips



© 2012 - 2024 All Rights Reserved
Increase pagerank with HitsSurfer

free page rank checker and seo evaluation tools 

first second ARM compare rates find the best rates current in your area lenders read reviews calculator adjustable rate loan home lenders brokers quotes florida houston gmac washington interest only 2nd software debt consolidation reverse senior equity texas maryland options lending bad credit  option one ameriquest chase first banks emc residential california miami dallas est branch marketing home company commercial yahoo online bad credit low credit no credit