fifteen-year mortgage - a mortgage amortized over 15 years instead of the more conventional 30 years. Because the principal is paid down sooner, the total cost of a 15-year mortgage is substantially less than that of a 30-year loan, although the periodic payment will be more than that of a 30-year loan. Typically, the interest rate on a 15-year loan is slightly less than on a 30-year loan.

© 2004 Bella Vista Publishing Company, Inc.  ISBN 0-9718225-0-6

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