With a 15-year mortgage you’ll own a home much faster and save a lot of money, but you’ll need to budget carefully for the higher monthly payments.
By Marilyn Lewis | Nerdwallet
A 15-year mortgage is the dream home loan for home buyers who can afford the much higher monthly payments and want to shred their mortgage in half the usual time while saving thousands or even tens of thousands of dollars in interest.
To make a 15-year mortgage work, you’ll need a reliable income and enough money left after your monthly payment to cover expenses, savings and emergencies.
