15-Year vs 30-Year Mortgage: Breaking Down the Real Cost Difference
On a $300,000 home, a 15-year mortgage saves $100,000–$150,000 in interest—but monthly payments run 40–50% higher. Here's how to weigh the real trade-off.
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Should You Refinance Into a 15-Year Mortgage When Rates Drop Below a Certain Threshold?
Refinancing into a 15-year mortgage makes sense when rates drop 0.75–1% below your current rate and you'll stay 2–4 years to recover closing costs.