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Credit.com: This mortgage can help you add $154,000 to your retirement—if you can get one

Is a 15-year fixed mortgage worth it? The answer, absolutely. A shorter term mortgage—15 years versus 30 years—is one of the best ways to reduce mortgage debt and can save you thousands of dollars in interest payments.

For instance, consider the staggering difference between a 30-year mortgage and 15-year mortgage, both for $400,000. At 4% interest on a 30-year mortgage, you’ll pay an extra $154,903 in interest over the life of the loan compared with a 15-year mortgage term. You’ll pay total interest of $287,478.03 over 30 years. With a shorter 15-year fixed mortgage, you’ll pay only $132,575 in interest. That’s a staggering savings of $154,903.

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