Which of the following is not a benefit of a 15-year mortgage?
Choose only ONE best answer.
A
You can secure a lower interest rate than with a 30-year mortgage
B
You will save thousands of dollars of interest by carrying the loan for half the time
C
You will have a lower monthly payment than with a 30-year mortgage

Question

12-05-2024
Business

Answered

Which of the following is not a benefit of a 15-year mortgage?
Choose only ONE best answer.
A
You can secure a lower interest rate than with a 30-year mortgage
B
You will save thousands of dollars of interest by carrying the loan for half the time
C
You will have a lower monthly payment than with a 30-year mortgage

Answer :

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Final answer:

A 15-year mortgage offers advantages such as lower interest rates and saving on interest by paying off the loan sooner, but it usually entails a higher monthly payment compared to a 30-year mortgage.

Explanation:

Answer:

The correct option that is not a benefit of a 15-year mortgage is:

You will have a lower monthly payment than with a 30-year mortgage

While a 15-year mortgage provides benefits like securing a lower interest rate and saving on interest by paying off the loan sooner, it typically results in a higher monthly payment compared to a 30-year mortgage. This is due to the shorter repayment period.

Learn more about 15-year mortgage benefits here:

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