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By Craig Johnson

Learning Center: Pros and Cons of 15- and 30-Year Mortgages

No one has a crystal ball to see 15 years ahead, much less 30, but if you can swing a higher payment, a shorter term will save you a lot of money.

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In our Fundamentals series, Rate Simple breaks down loan concepts for ordinary people. Owning your home outright after just 15 years. What an appealing idea! Some of us have shirts older than 15 years. The trade-off is, of course, higher monthly payments. A home buyer considering a 15-year mortgage should make a careful assessment of income and fin...
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