15-Year vs 30-Year Mortgage
Real Estate — Honest comparison to help you decide
15-Year Mortgage
- ✓ Pay 40-50% less total interest
- ✓ Build equity faster
- ✓ Lower interest rate (0.25-0.75% less)
- ✓ Own home outright sooner
- ✓ Forced financial discipline
VS
30-Year Mortgage
- ✓ Lower monthly payment (35-40% less)
- ✓ More cash flow flexibility
- ✓ Can invest the difference
- ✓ Easier to qualify
- ✓ Inflation erodes payment over time
The Verdict
Can afford the higher payment without stress: 15-year saves $50,000-150,000+ in interest. Need flexibility: 30-year with extra payments gives the best of both worlds.