While shopping for a mortgage, you’ll make several choices, which will affect the monthly payment on the loan and how much you end up paying.
You have various options of 10, 15, 20, and 30-year mortgages. Of which, 15-year and 30-year mortgages are the most common ones.
Depending on your financial situation each term will have its benefits.
Using a mortgage calculator is one of the quickest ways to see the difference between a 15-year and a 30-year mortgage.
With a calculator, you get an idea of the cost of your monthly payment depending on the length of the loan, the interest rate you pay, and the size of the mortgage.
WHEN USING A MORTGAGE CALCULATOR YOU MUST UNDERSTAND
- Principal amount
- Down payment
- Interest rate
- Monthly payment
- Total loan cost
WHAT IS A 15-YEAR MORTGAGE?
In simple terms, a 15-year mortgage is a home loan with a term that lasts 15 years.
Where if you follow the repayment schedule, you’ll have paid off your home in 15 years.
You can also make additional payments to the principal each month or from time to time and pay off the mortgage sooner.
You can choose between a fixed interest rate or an adjustable rate for a 15-year mortgage.
Initially, an adjustable-rate 15-year mortgage can be the more affordable option, especially when rates are very low during the time you apply for the loan.
But when the rates change, you might see your monthly payment increase. Make sure you can afford the monthly payment on your 15-year home loan, before choosing one.
When taking out a 15-year mortgage, you also need to put money down. A larger down payment, such as 20%, would mean a smaller mortgage, fewer monthly payments.
And you don’t have to take out private mortgage insurance (PMI).
WHAT IS A 30-YEAR MORTGAGE?
A 30-year mortgage also can be paid off before the full term if you pay extra toward the principal.
To take advantage of lower interest rates or better loan terms you can also refinance the mortgage.
Though a refinance might extend the mortgage term or reduce it.
After the introductory term, getting a lower rate on the loan can mean your monthly payments drop significantly.
If you took an adjustable-rate mortgage, you can refinance to a fixed-rate loan if rates fall in the future. That way, you can lock in a lower rate on your mortgage.
Depending on the price of the home you’re buying and the size of your down payment the monthly payment varies on a 30-year mortgage.
If you have put down less than 20% when buying a house you’ll need to pay PMI, until the principal is 80% or less of the home’s value.
Spreading the payments out for taking out a 30-year mortgage allows many people to buy a bigger or more expensive home than they could afford hence 30-year mortgages are more common than 15-year home loans.
WHEN DECIDING BETWEEN A 15 OR 30-YEAR MORTGAGE, YOU NEED TO CONSIDER
- If you can afford a higher monthly payment
- Whether you want to focus on saving cash
- Or do you want flexibility
- You want the lowest interest rate possible
- If your choice is to buy a bigger or more expensive home
- If you want to be free of debt sooner
THE BENEFITS OF A 15-YEAR MORTGAGE ARE
As the interest rates are lower on a 15-year loan, it saves money in the short term and the long term, because you’ll pay less interest with 180 payments, instead of 360.
Your home equity will build faster because you are paying more towards the principal each month.
With more equity, you have a choice to borrow against the house or to make renovations or pay for other big expenses, like your children’s college.
The total cost of a 15-year mortgage is substantially less than a 30-year home loan.
BENEFITS OF A 30-YEAR MORTGAGE
The monthly payment on a 30-year loan is often lower than the monthly payment on a 15-year loan.
You can have some more freedom with a 30-year loan than a 15-year mortgage and make adjustments to your budget more easily.
Homeownership can be attainable to a wider range of people because a 15-year mortgage wouldn’t be affordable to many because of the higher monthly cost.
Reference Source: Assurance Mortgage
https://www.compareclosing.com/mortgagenews/15-year-or-30-year-mortgage/
Millennials make up the fastest-growing segment of buyers today as they are ending their leases, and many of them are buying houses.According to a recent report of the National Association of Realtors, the millennials who are in their late 20s to early 30s are the fastest-growing segment of buyers today.The household income rates of this set of people were two to four times higher than that of other age groups, noted a research study.Not just as buyers, half the number of sellers in the country are millennials impacting the market said a Zillow study.This movement is probably due to growth in their careers, higher income, and paying off student loans and other personal debts.Covid-19 was a perfect time for rebounding with a steep drop in interest rates providing the right opportunities for buying a home.Just by stretching their budgets a bit, they could afford a better home due to low-interest rates.MILLENNIALS ARE CHANGING THE HOME BUYING PROCESS.Compared to the older generation, the millennials have been slower to buy their first homes.According to this Pew Research study, 52% of adults aged 18–34 choose to move back in with their parents due to economic factors and the pandemic.According to this Pew Research study compared to 83% of the Silent Generation who married at their age only 46% of millennials are married, this is one of the reasons for the delay in home buying.According to a 2017 report by the National Association of Realtors, 99% of millennials used technology in the form of the internet and mobile devices for the home buying process, which is nearly double to Baby Boomers using the internet to browse homes.MILLENNIALS AND REAL ESTATE AGENTS.Important information about homes is now available online so the realtors’ value now comes from negotiation skills, valuable relationships, and their ability to facilitate the home buying process in this digital world.CHOOSING THE SUBURBS OVER THE CITY.A recent Zillow study pointed that 47% of millennial homeowners live in the suburbs for bigger, more updated houses by moving out of the city areas.Overall, they are approaching and treating the homebuying process in a modern way, which will an impact on the economy in the future.Reference Source: Forbeshttps://www.compareclosing.com/mortgagenews/millennials-contribution-in-the-mortgage-and-home-buying-market/
The Global PVC Window Profile Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
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The Global Polyvinyl Alcohol Fibers Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
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According to a research report "Cognitive Assessment and Training Market by Assessment Type (Pen- and Paper-Based, Hosted, Biometrics), Component, Application (Clinical Trial, Screening & Diagnostics, Brain Training, Academic Research), Vertical, and Region - Global Forecast to 2021", published by MarketsandMarkets, the cognitive assessment and training market size is expected to grow from USD 1.98 Billion in 2016 to USD 8.06 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 32.3%.Browse 63 market data tables and 47 figures spread through 150 pages and in-depth TOC on "Cognitive Assessment and Training Market - Global Forecast to 2021"The major forces driving this market are aging global population, increasing awareness about brain fitness, and advancements in technology.
The growing market for cognitive solutions and increasing demand for brain training by next-generation tech-savvy population are contributing to the growth of the cognitive assessment and training market.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1039Clinical trials in terms of application is expected to hold the largest market share in the cognitive assessment and training market during the forecast periodClinical trials are mainly used to identify, measure, or monitor cognitive impairments and cognitive changes.
The assessment of cognitive functions is an integral part of decision-making during clinical drug development, as certain drugs can have an impact on the cognitive capabilities of the brain.
The market is expected to contribute the highest revenue for vendors offering clinical trials.Education vertical is expected to grow at the highest CAGR in the marketCognitive assessment solutions and services are used in the education vertical for screening prospective candidates for schools or colleges.
The leading cognitive assessment and training vendors for this vertical are Pearson Assessment and CogniFit.North America is expected to contribute to the largest market share and Asia-Pacific to grow at the highest CAGRNorth America is expected to hold the largest market share and to dominate the cognitive assessment and training market from 2016 to 2021, due to the increasing awareness among population about adopting medication for cognitive diseases.
The new generation in this region is more concerned toward the benefits of cognitive training, which is not just limited to patients with cognitive dysfunctions.
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