Discussion Post

This order is a discussion post, therefore must include an initial response to the prompt, and two secondary responses. These secondary responses of are students who have already replied to the initial post. These responses must be insightful and helpful to the student. The initial response MUST be completely answered. The order must adhere to APA format, include appropriate in-text citations, and it MUST include a reference page.
Example of in-text citation: (Last Name, Year of Publication, Paragraph Number/Page Number)

Initial Post,
You took a $200,000 mortgage at 4% interest. What are your monthly payments for a 15-year and a 30-year term? What are your total payments at the end of each mortgage? What is the difference in your total payments for each option? Is there a reason why you should not finance for more than 15 years? Give your reasons.

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After getting a $200,000 mortgage at 4% interest, the monthly payment for 15 years would be around $1,479.38, whereas 30 years would cost around $954.83 per month. If one were add up the cost of the total mortgage payment, one would pay $143,739.01 in just interest over a 30 year period, however, if one were to choose a 15 year option then he or she would pay $66,287.65 in interest. By choosing a 15 year term instead of a 30 year term, it could help someone save over $77,000 in interest! The 30 year monthly payment is around $500 cheaper then the 15 year option, but saving nearly $77,000 in interest by choosing the 15 year term would be the smarter option because money going toward interest is almost like throwing one’s money out the window – it has no benefit to them. Choosing a 15 year term can help a homeowner to pay off their principle quicker, and generally 15 year loans tend to have a better interest rate. It can be harder on homeowners choosing a 15 year loan, but it will help them save much more money in the long run, but they need to make sure that they are financially stable when choosing a 15 year loan since the monthly payment is quite a bit higher then the 30 year loan.

There are different payment options available for those who take out mortgages. If someone were to take out a $200,000 loan, then they could choose to either finance for fifteen years, or thirty years. With a fifteen-year term, the monthly payment would be about $1,479. With a thirty-year term, the monthly payment would be about $955. Each month, the difference would be about $524, but with the fifteen-year term, the house would be paid off in half the time.
Reasons do exist for why someone would take out a fifteen-year loan, and a thirty-year loan. First, some people can only afford to pay the lesser amount each month, so they have to resort to a thirty-year loan. In the long run, however, a fifteen-year loan can save the borrower a lot more money in interest. In full, with a fifteen-year $200,000 loan, the money to be paid will amount to $266,220, and with a thirty-year 200,000 loan, the money to be paid will amount to $343,800. In this case, the borrower would save about $77,580 overall, if s/he went with the fifteen-year term. If someone had their finances in order, and had the money to choose the fifteen-year loan, then that is is probably the best option. Though the payments would be about $500 more per month, by the end of the loan period, they will have saved thousands that can now go towards something else. The interest rate is the fee charged by a financial institution to take out a loan, so the faster the loan can be paid back, the less interest there is to be charged.

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