Should your rate of interest both in mortgages is the identical, next sure, you’ll end up make payment on same number into the desire if the they are both paid back inside the 15 years.

Including, when you’re thinking about taking right out a thirty-seasons financial to your goal of expenses it well early, make certain it doesn’t provides an earlier fee penalty; this might be a penalty the financial institution often charge you for many who pay the loan very early.

Sure. It will rates an identical to settle an effective “fifteen 12 months into the 15” seasons in the place of good “30 12 months inside 15 year” home loan. After all, the new 29 seasons amortization period is only utilized by the financial institution so you can estimate the newest payment per month he’ll assume, while you are, unbeknownst in order to your, you are having fun with a beneficial 15 12 months amortization and the same rates to help you estimate the newest payments possible most build. (más…)