Mortgage Calculator
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)