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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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

Sell it or rent it? Our spreadsheet can help you decide what to do with a former residence

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.

A pivotal year for servicing

Fifteen-year mortgages carry lower rates than 30-year loans, but their faster amortization schedules require higher monthly payments.

Ken Harney -- Zeroing in on refi time

Fifteen-year mortgages slightly trailed 30-year mortgages year to date through April 30, 1999.