Mortgage Analysis

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Current Mortgage Rates
Historical Mortgage Rate

Pros and Cons of the Different Loan Types

15 Year Fixed Rate

PROS
  • Lower interest rate
  • Lower amount to pay back
  • Home paid off in only 15 years
CONS
  • Higher monthly payment

30 Year Fixed Rate

PROS
  • Lower monthly payment
CONS
  • Higher interest rate
  • In debt for 15 more years
  • Higher amount to pay back

5 Year Adjustable Rate

PROS
  • Lower monthly payment for the first five years
  • Perfect if your living situation isn’t permanent
CONS
  • Monthly payments after first 5 years will be unpredictable (no fixed interest rate)