Fifteen-Year Mortgage

Fifteen-Year Mortgage

A mortgage with a maturity of 15 years. A 15-year mortgage usually has a higher payment than a 30-year mortgage because one pays a higher portion of the principal each month.
References in periodicals archive ?
5 Estimated Annual Costs to the Lessor $2,500 General Inflation Rate 4% Property Management Fee 10% Discount Rate 6% Tax Assumptions Taxpayer Assumptions Tax Rates State Federal & Local Marginal Tax Rates: 28% 6% 34% Capital Gains 15% Depreciation Recapture 25% Exhibit 2: Results Sheet Results Fifteen-Year Mortgage Mortgage Term 15 Mortgage Payment $ 1,542 Net Present Value of: Rent Decision $150,919 Sell Decision $165,812 The Data Suggest that Selling the Property is Preferred Amount of the Benefit $ 14,894 Thirty-Year Mortgage Mortgage Term 30 Mortgage Payment $ 1,096 Net Present Value of: Rent Decision $128,901 Sell Decision $127,233 The Data Suggest that Renting the Property is Preferred Amount of the Benefit $ 1,668
Fifteen-year mortgage portfolios are receiving bids of four and one-half times their premiums, and servicing on seven-year balloon mortgages is selling at four times the annual servicing fee.
Fifteen-year mortgage volume, which during the refinance boom accounted for as much as one-third of Fannie Mae's total business, represented just 15.
Fifteen-year mortgages carry lower rates than 30-year loans, but their faster amortization schedules require higher monthly payments.
Fifteen-year mortgages slightly trailed 30-year mortgages year to date through April 30, 1999.