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What is better a 15 or 30 year mortgage?
What is better a 15 year mortgage or a 30 year mortgage? Or if one is not better, what's the advantages or disadvantages of a 15 year mortgage or a 30 year mortgage?
Asked By Jesse | Phoenix, AZ | 585 views | Finance Legal Info | 1 year ago
Answer(2)
Robbie Holycross
West USA
There’s no one-size-fits-all answer—it really depends on your financial situation and long-term goals. A 15-year mortgage will save you a significant amount in interest and help you build equity faster, but the monthly payments are much higher. A 30-year mortgage offers lower monthly payments, which can give you more financial flexibility or allow you to qualify for a higher purchase price, but you'll pay more in interest over time.
If you’re focused on paying off your home quickly and can comfortably afford the higher payments, the 15-year option can be a great choice. If you prefer a lower monthly payment or want more room in your budget for savings, investments, or unexpected expenses, the 30-year may be the better route. It’s all about what fits best with your lifestyle and financial goals.
- 2 weeks ago
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Jean Lewis
Keller Williams Pinnacle
A 15 year mortgage allows you to pay significantly less money over the life of the loan. The Interest rate is lower than the 30 year mortgage, your payment will be higher but more of your money will be going towards the principal, allowing you to get the loan paid off in half the time.
- 1 year ago
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