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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The refinancing consists of a $7,000,000 asset-based revolving line of credit, a $9,000,000 four-year fully amortizing term loan and a $3,500,000 15 year mortgage loan.
On a 15 year mortgage for the same loan amount, the payment jumped from $910.