A key part of the Boston Seaport condo buying process is deciding which mortgage term is right for you. Opting for a 15-year mortgage term instead of the traditional 30-year term seems like a smart move, right? Not necessarily. Going with a shorter mortgage term does have some benefits. However, there are certain situations where a longer mortgage term makes sense. If you’re on the fence about which type of mortgage you should choose, take a look at a few basic pros and cons below.

Boston Seaport District 15-year mortgage

Pro: You’ll pay a lot less interest over the life of the loan. You’ll be borrowing money for less time, and usually at a lower interest rate.

Con: You’ll have higher monthly payments than with a 30-year loan for the same amount. If the higher payments put a strain on your budget, you might have to settle for a lower-priced home or a look at a longer loan term.

Boston Seaport District 30-year mortgage

Pro: Spread out over a longer time, these loans have a lower monthly payment, which could help you qualify for buying a higher-priced home.

Con: After a few years, you’ll have less equity built up that if you’d been making the higher payments of a 15-year loan. You’ll also end up paying more interest over time.

Conclusion: Boston Seaport condo buyers

When you’re comparing mortgage terms, you need to look beyond the interest and see the bigger financial picture. You’ll be able to build equity in your Boston Seaport condo faster by paying it off in 15 years; but this also means you might pay a price in terms of sacrificing your other financial goals. Going with the longer term loan gives you more freedom when it comes to saving and investing; but in this case, you may get tired of carrying the debt burden. Ultimately, it comes down to what works best for your budget and your peace of mind.

Please contact us if you have any questions about the home buying process – we’re here to help

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Author Profile

John Ford
John Ford

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs

In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.


For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.


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John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.

John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114



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