TITLE

15-Year Versus 30-Year Mortgage: Which Is the Better Option?

AUTHOR(S)
Goff, Delbert C.; Cox, Don R.
PUB. DATE
April 1998
SOURCE
Journal of Financial Planning;Apr98, Vol. 11 Issue 2, p88
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The article compares the 15-year mortgage and the 30-year mortgage funds in the U.S. For the past years, many home buyers opted for a 15-year mortgage rather than a 30-year mortgage, because they believed that the earlier they finished paying their home, the better their financial prospects. However, this option has its pros and cons. One advantage is that 15-year mortgages typically offer a lower interest rate. But the negative aspect of the option is the higher monthly payment. This article demonstrated that investors with access to tax-deferred investment plans may benefit from the 30-year mortgage option.
ACCESSION #
502857

 

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