For someone who has a seven-year, fixed rate $300 000 mortgage, at an interest rate of 6.3 percent, which mortgage would be the best choice for increasing your net worth?

Question

Quizplus · Accepted Answer

The best choice for increasing net worth would be option B, which is a 30-year amortization with accelerated biweekly payments. This option allows for more frequent payments, resulting in a faster repayment of the principal and a decrease in the total amount of interest paid over the life of the mortgage. This will result in a higher net worth over the long term.

For Someone Who Has a Seven-Year, Fixed Rate $300 000