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Maryland 15 Year Mortgage Learning Centre

Embarking on the exciting journey of buying your first house in Maryland? Madyn Home Loans, LLC is your trusted partner in making this dream a reality. Specializing in personalized and comprehensive mortgage solutions, Madyn Home Loans guides first-time homebuyers through the intricacies of the real estate market in Maryland. With a commitment to ensuring a smooth and informed home-buying process, Madyn Home Loans is dedicated to helping clients achieve their homeownership goals in the vibrant state of Maryland.

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Maryland 15 Year Mortgage Learning Centre

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  1. Maryland 15 Year Mortgage Learning Centre

  2. The benefits to utilizing a 15 year mortgage are great, reduced interest rates, documents and appraisal requirements can make a 15 year mortgage perfect for those trying to cut down on the total cost of the interest financing. Example of a 15 year mortgage versus a traditional 30 year mortgage for prinicpal and interest only. Based on a $200,000.00 purchase price with 20% down and a financed amount of $160,000.00 Principal & Interest payment 30 year based on 4% principal & interest at $763.86 per month 15 year based on 3.5% principal & interest at $1,143.81 per month In this example the 15 year mortgage is .5% lower in rate and the monthly payment is higher than   the 30 year payment by $379.95 per month.  You save $91,609.00 in interest over the life of the loan.  The interest rates on 15 year loans are also normally .5% lower as well.

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