Homeownership is a great investment. What is true of a 15-year mortgage compared to a 30-year mortgage?
Answer Less interest over the life of the loan
Monthly payments with a 15-year loan will be higher than a 30-year loan; obviously, the 30-year takes longer to pay off; and interest rates are not necessarily double (in fact, they're generally the same). You will be paying more money on a 30-year loan in the end, due to how much longer you'll be paying that interest.
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