fifteen-year mortgage

Definition of "fifteen-year mortgage"
  1. A short-term home loan that requires higher monthly payments but reduces the total interest paid over its course compared to a 30-year mortgage
How to use "fifteen-year mortgage" in a sentence
  1. He was able to repay his fifteen-year mortgage early thanks to his successful investments.
  2. Although a fifteen-year mortgage has higher monthly payments, it builds equity more quickly.
  3. With proper financial planning, a fifteen-year mortgage can save substantial interest costs in the long run.

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