I hope you are sitting down because this is one of the most shocking things that I have ever learned. Believe it or not their is significant difference between a 15 year conventional and a 30 year conventional mortgage. Let’s look at an example. According to HousingTracker.net, the median home price in Arizona is $175,000. For our purposes, we will use this as the actual loan amount. According to bankrate.com the national average for a 30 year is 5.09%. At the end of 30 years you will end up paying $341,671.35 (Click here to see for yourself).

If you were to do a 15 year mortgage instead, you would get it for a lower interest rate, which currently the average is 4.51%. After 15 years you would pay a total of $241,133.91.


A 30 year conventional mortgage will cost you significantly more than a 15 year and in this example it is a difference of $100,537.44! I don’t know about you, but there is a lot I could do with 100 g’s.

You may ask, why would anyone get a 30 year then? The reason is that the monthly payment is higher for a 15 year, however, if you buy a house you can afford then this won’t even be an issue. In fact, you will come out smelling like roses in the long run.

Refinance Your Student Loans or Credit Card Debt

With the average credit card interest rate around 15%, this could save you a ton of money over the long haul. SoFi will refinance your credit card debt to as low as 5.99% so that you can pay your debt off even faster. Use this link to get $100 cash back if you get approved. They also refinance student loans to as low as 2.355% APR.

Have a Lower Credit Score?

Check out Credible instead as they are able to help people refinance to a lower rate that don’t have great credit.