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Your Bank > Education and Advice > CNB University

Home Free in 15 Years

C Spaker
Christopher R. Spaker, AMP is President, CNB Mortgage Company and can be reached at CSpaker@CNBank.com or 585-385-2370 x50955.

Would you like to own your home sooner and pay out less in mortgage interest?  Then say hello to the 15-year mortgage.  Your monthly payments will be higher than they would be if you opted for a 30-year mortgage, but in the long run, those higher payments may be worth it.

Consider the Pluses
For starters, 15-year mortgage interest rates typically are lower than the rates on 30-year mortgages.  And, since you’re paying interest for only 15 years instead of 30, you’ll cut the amount you pay by more than half.

You’ll build equity in your home a lot faster with a 15-year mortgage.  Better yet, you will own your home mortgage-free in half the time.

The Other Side
Paying down your mortgage rapidly means you’ll get less of an income-tax deduction for your mortgage interest as you approach that 15-year mark.  And, if you plan to stay in your home only a few years, lower monthly payments may be more important to you than building equity.

Not for Everyone
Before you choose between a 15- and a 30-year mortgage, do a few calculations to determine which type of loan better fits your situation.  Our Mortgage Loan Originators are ready to help.


For more information, please call CNB Mortgage Company at (585)385-2370. For the Canandaigua area call (585)394-9100.


Tax information presented is not to be considered as tax advice and cannot be used for the purpose of avoiding tax penalties. Neither Canandaigua National Bank & Trust nor its affiliated Companies provide tax, legal, or accounting advice. Please consult your personal tax advisor, attorney, or accountant for advice on these matters.

 CNB Mortgage Company is a wholly owned subsidiary of Canandaigua National Bank & Trust. 

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CNB Mortgage Team