Finance Xoops

The major difference between 15 and 30-year mortgages, besides the length, is the difference in rates. 15 year mortgages have a lower rate because banks are assuming that you can afford a larger payment per month. A larger payment per month means that you will have less debt over time. This also means that you are paying much less interest overtime. If your home finance situation allows you to afford at 15-year mortgage, you will save a lot of money in the long run.