Updated over 10 years ago on . Most recent reply
Just bought 1st property! Financing type question
I just bought my first property and will be taking out a loan for $115,200. I am torn between a 15 year mortgage at a lower rate and a 30 year mortgage. A 15 year mortgage costs $60,000 less in interest but reduces my monthly cash flows by $200. A 30 year mortgage would allow me to faster prepare for my next purchase but will cost much more in the long run. I appreciate any input!!