Definition of mission for Students. 1 : a task that is assigned or begun. 2 : a task that is regarded as a very important duty She thinks of teaching as her mission. 3 : a group of missionaries. 4 : a group of people sent by a government to represent it in a foreign country.
15-Year Fixed-Rate Mortgage: The payment on a $200,000 15-year Fixed-Rate Loan at 2.875% and 70.00% loan-to-value (LTV) is $1369.18 with 2.125 points due at closing. The Annual Percentage Rate (APR) is 3.311%. Payment does not include taxes and insurance premiums.
With the 15-year home loan, you loan is more than half-way paid. With the 30-year mortgage, you've barely made a dent. This is one of the reasons why homeowners are increasingly think 15-year mortgages are better than 30-year mortgages. It takes nearly 20 years to pay a 30-year mortgage down by half.educing the number of years in your mortgage will accelerate your amortization, and pay your loan off quicker. At today's mortgage rates, homeowners using 15-year loans pay 64% less interest than homeowners using 30-year loans. That said, the payments on a 15-year loan are 45% higher as compared to a 30-year loan.