Answer:
To determine the amount saved by acquiring the 15-year mortgage instead of the 30-year mortgage, we must calculate the total payments to be made.
In the case of the 30-year mortgage, with a fixed rate of 4.5%, monthly payments of $ 1,020 per month must be made, that is, a total payment of $ 367,200 (1,020 x 12 x 30 = 367,200), with which the difference Regarding the acquired loan of $ 200,000, it will be $ 167,200.
In the case of the 15-year mortgage, with a 4% rate, the monthly payments will be $ 1,480, generating a total final payment of $ 266,400 (1,480 x 12 x 20 = 266,400), so in this case, the difference from The loan will be $ 66,400.
Therefore, between both loans, the 15-year option will save $ 100,800 more than in the case of the 30-year mortgage.