• 800.539.8014
  • Buyer
  • Seller
  • Offices & Agents
  • About
    • Blog
    • Careers
  • Start Your Career in Real Estate
  • PSI Prep Course
  • Contact
  • Pay Rent

Century 21 Nachman Realty

We Are Where You Are.

MENUMENU
  • Mortgage
  • Commercial
  • Rentals
    • Apt Rentals
    • Property Management
    • Rental Search
  • At The Beach Real Estate Class
  • Relocation
    • Community Info

Which Is Better : 15-Year Or 30-Year Fixed Rate Mortgage?

December 16, 2012 By admin

15 year 30 year fixed Which Is Better : 15 Year Or 30 Year Fixed Rate Mortgage?As a home buyer or refinancing household , you have choices with respect to your mortgage.

You can choose a loan with accompanying discount points in exchange for lower mortgage rates; you can choose adjustable-rate loans over fixed rate ones; and, you can choose loans with principal + interest repayment schedules or repayments which are interest only, as examples.

For borrowers using fixed rate loans, there’s also the choice between the 30-year and 15-year fixed rate mortgage. Each has its positives and negatives and neither is “better” than the other.

Choosing your most appropriate fixed-rate term is a matter of preference and, sometimes, of budget.

The 15-Year Mortgage
With a 15-year fixed rate mortgage, mortgage rates are often lower as compared to a comparable 30-year fixed rate mortgage. However, because loan repayment is compressed into half as many years, the monthly payment will necessarily be higher, all things equal. On the other side, though, homeowners using a 15-year fixed rate mortgage will build equity faster, and will pay less mortgage interest over time.

The 30-Year Mortgage
With a 30-year fixed rate mortgage, mortgage rates tend to be higher as compared to a 15-year fixed rate loan, but payments are much lower — sometimes by as much as 50%. Lower payments come at a cost, however, as mortgage interest costs add up over 30 years. Regardless, 30-year fixed rate mortgages remain the most common mortgage product for their simplicity and low relative payment.

Which One Is Right For You?
There is no “best” choice between the 15-year fixed rate mortgage and the 30-year fixed rate mortgage. Choose a product based on your short- and long-term financial goals, and your personal feelings regarding debt. Mortgage applicants choosing the 30-year fixed rate mortgage can qualify to purchase homes at higher price points, but those using the 15-year fixed rate product will stop making payments a decade-and-a-half sooner.

There are benefits with both product types so, if you’re unsure of which path works best for you, speak with a loan officer for guidance and advice. Need help finding one? Just reach out and we’ll point you in the right direction.

Cheers,
Mike 

The post Which Is Better : 15-Year Or 30-Year Fixed Rate Mortgage? appeared first on VARbuzz.

Contact Us

Century 21 Nachman Realty
  • Agent Login

Office Locations

Chesapeake/Suffolk


3325 Taylor Rd., Suite 107
Chesapeake, VA 23321
(757) 638-5700
(800) 556-1611
(757) 638-5800

Norfolk


1512 East Little Creek Rd.
Norfolk, VA 23518
(757) 480-2121
(800) 441-2112
(757) 480-0324

Elizabeth City


1825 W City Drive, Suite G
Elizabeth City, NC 27909
(252) 331-1300
(866) 288-7413
(252) 331-1325

Virginia Beach/Chesapeake


1201 Lake James Dr., Suite 201
Virginia Beach, VA 23464
(757) 424-0202
(800) 539-0238
(757) 424-9531

Newport News


720 Thimble Shoals Blvd.,
Suite 116
Newport News, VA 23606
(757) 833-8400
(800) 539-8014
(757) 833-0545

Williamsburg


1031 Richmond Rd.
Williamsburg, VA 23185
(757) 220-8205
(800) 369-8206
(757) 229-3196

Kitty Hawk


4628 North Croatan Hwy.
Kitty Hawk, NC 27949
(252) 261-6400
(800) 282-6401
(252) 261-1400

At the Beach


1092 Laskin Road, Suite #204
Virginia Beach, VA 23451
(757) 264-6530
(757) 233-7921

Gloucester County Office


5103 George Washington Memorial Highway
Hayes, VA 23072
(804) 331-0422
(800) 539-8014
(757) 833-0545

Norfolk Property Management


1547-A E. Little Creek Road, Suite #100
Norfolk, VA 23518
757-583-1801
757-583-2343

Copyright © 2025 Nachman Realty LLC. All rights reserved.

CENTURY 21® and the CENTURY 21 Logo are registered service marks owned by Century 21 Real Estate LLC. Nachman Realty, L.L.C. fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated. Any services or products provided by independently owned and operated franchisees are not provided by, affiliated with or related to Century 21 Real Estate LLC nor any of its affiliated companies.

CENTURY 21® is a registered trademark licensed to Century 21 Real Estate LLC.

Equal Housing Opportunity. Each Office Independently Owned and Operated.