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Fifteen-Year Mortgage

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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.


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Fifteen-year mortgages carry lower rates than 30-year loans, but their faster amortization schedules require higher monthly payments.
You can usually get a lower interest rate with the fifteen-year mortgage.
For instance, you may prefer a fifteen-year mortgage loan to one that is paid over thirty years.
 
 
 
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