15-Yearvs30-Year
15 vs 30 Year: Which Should You Choose?
Compare 15-year and 30-year mortgage terms to balance payment size, flexibility, and total interest.
15-Year Mortgage
Higher monthly payments but a shorter payoff timeline and lower total interest over time.
30-Year Mortgage
Lower monthly payments and more budget flexibility, but more interest over time.
Side-by-Side Comparison
| Feature | 15-Year | 30-Year |
|---|---|---|
| Interest Rate | Often slightly lower | Usually higher |
| Monthly Payment | Higher | Lower |
| Total Interest Paid | Lower overall | Higher overall |
| Equity Building | Sooner | Later |
| Flexibility | Less flexibility | More flexibility |
| Qualification | Harder due to higher payment | Easier due to lower payment |
| Cash Flow | Tighter | More room |
| Investing Option | Less cash to invest elsewhere | More cash to invest elsewhere |
When to Choose Each Option
Choose 15-Year If:
- You can comfortably handle the higher payment
- You want to minimize total interest
- You want to build equity sooner
- You value being debt-free sooner
Choose 30-Year If:
- You want lower monthly payments
- You need flexibility in your budget
- You plan to invest the payment difference
- You want to keep cash available for life events
The Bottom Line
Choose 15-year if the higher payment is comfortable and you want a shorter payoff timeline. Choose 30-year if flexibility matters more. You can also take a 30-year and make extra payments when you can.
The Questions Everyone Asks
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