Though you will be paying more each month, you will be paying much less interest over the life of the loan, and you will be building equity in your home faster. For the 15-year loan, your monthly mortgage payment would be $2,080.78 (not factoring in other variables like property taxes and insurance), and your monthly mortgage payment on the 30-year loan would be $1,378.18. Of course, you will pay a bit more on your monthly mortgage payment. However, if you have a 15-year fixed-rate loan with the same terms, you will only pay $102,540.71 in interest over the of the loan. With a 15-year fixed-rate loan, you are likely to have to pay a higher monthly mortgage payment, but you will pay far less interest over the life of the loan.įor example, if you have a 30-year fixed-loan for a $272,000 home with a 4.5 percent interest rate, you will pay $224.146.26 in interest alone over the life of the loan. When deciding on the type of fixed-rate loan that would be best for you, it's important to consider the advantages and disadvantages of each. Unlike adjustable-rate mortgages, there are no surprises with fixed-rate loans, and you don't have to worry about your rate re-setting or your payment increasing. Filters enable you to change the loan amount, duration, or loan type.Ĭomparing the 15-Year Loan and the 30-Year Loanįixed-rate loans provide a stable monthly mortgage payment so you can create a steady budget. How much money could you save? Compare lenders serving Los Angeles to find the best loan to fit your needs & lock in low rates today!īy default 15-yr fixed-rate loans are displayed in the table below. Money Saving Tip: Lock-in Los Angeles's Low 15-Year Mortgage Rates Today The rate table below is automatically configured to show the details for your second loan scenario, which was a 15-year $250,000 fixed-rate loan on a $312,500 home. As you change the loan amount be sure to change the home price as well as some lenders only loan up to a specific LTV value & different lenders will show the best rates for different loan scenarios. You can adjust your loan settings to change away from a 30-year $250,000 fixed-rate loan on a $312,500 home located in Los Angeles to a purchase loan, a different term length, a different location, or a different loan amount. By default refinance rates are displayed. 15-year loans build home equity faster, whereas 30-year mortgages offer lower monthly payments.įor your convenience current Los Angeles 30-year mortgage rates and 15-year mortgage rates are published underneath the calculator to help you make accurate calculations reflecting current market conditions.Įasily Adjust Your Loan Settings to See How They Impact Your Monthly Paymentsįilters at the top of the rate table allow you to adjust your mortgage settings. For each quote you can select different rates, terms, points, origination fees & closing costs. In fact, you will SAVE $80,923.95 with the SECOND loan because the first one would cost a total of $391,685.69 and the second would be $310,761.74.Īre you looking at a couple different loan quotes? Use this free mortgage calculator to get a side-by-side view of multiple loan quotes to select the best offer. When all is said in done, you will also pay less with the second loan. The first loan would come to $1,088.02 per month and the second loan would be $1,726.45. With the first loan option, your total closing costs will actually be $3,700.00, while the second loan will cost $6,950.00 at closing. Or, you might be offered a 15 year loan with an interest rate of 3.000%, with 2.000 point(s), an origination fee of 0.50%, and closing costs of $700.00. If your loan is for $250000.00, you might be able to choose a 30 year loan with an interest rate of 3.250%, with 1.000 point(s), and a closing cost of $1200.00. Plugging this information into the loan comparison calculator will allow you to determine which one is the best option for you. While shopping for a home mortgage loan, you will be presented with different loan options. Your Results in Plain English ( Switch to Financial Analysis)
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