30-YEAR REFINANCE
The 30-year refinance is a great option for those looking for the lowest possible monthly payment possible. You’ll also be able to make extra payments to pay it off faster.
WHY 30-YEAR MORTGAGE REFINANCE?
30-Year Refinance For Low Monthly Payments
While the interest paid on a 30-year mortgage refinance is far greater than a 15-year mortgage, you enjoy a more manageable monthly payment. This frees up funds for you to pay off other debts, grow your savings and more.
SAMPLE CALCULATION
30-YEAR MORTGAGE VS. 15-YEAR
30-YEAR LOAN FOR $200,000
%
SAMPLE INTEREST RATE
MONTHLY PAYMENT
15-YEAR LOAN FOR $200,000
%
SAMPLE INTEREST RATE
MONTHLY PAYMENT
Pros of 30-Year Refi
- Extra money to invest
- More funds to pay off other debt
- Lowest monthly payment
- More money to save for vacations and family events
Cons of 30-Year Refi
- More interest paid
- Slower principal pay down
- More money paid in interest
- More interest owed when selling
- Longer time to pay off
- Higher monthly payment
- Slightly higher mortgage insurance