Paying off a typical mortgage in 15 years can save you hundreds of thousands in interest. You can do this by choosing a 15-year home loan or by prepaying a 30-year home loan. Interest rates for ...

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With a 15-year mortgage, interest doesn’t have time to accrue as much over the loan’s terms, meaning you build equity faster. With the same example above, your principal balance is $247,622 at the end ...