how many San Diegans can afford the monthly carrying costs associated with a 15 year home loan? Most couldn’t afford to purchase a home here with a fixed 30 year loan and turned to the IO and higher risk alternatives. So how could they now pay essentially 2x their monthly mortgage on a 15 year loan?
Monthly payment on a 15 year fixed loan is only 40% or so higher than on a 30 year loan.
