- Its known that 15 year mortgages, over time, cost less as the borrower pays less interest over time. The trade off is that the monthly payment on the 15 year mortgage is often too high for new doctors. This forces many physicians to opt for the 30 year mortgage instead of the 15 year mortgage.
- If a physician takes the 30 year mortgage, it will end up costing about $300k more over the life of the loan. If you can afford a 15 year loan in the city you choose to live in, then this is almost always your better option.
- A shorter term mortgage is the better option as they often have better interest rates and will cost less over the life of the loan.
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Disclaimer: The topic presented in this article is provided as general information and for educational purposes. It is not a substitute for professional advice. Accordingly, before taking action, consult with your team of professionals.