15-Year vs 30-Year Mortgage: Which Should You Choose?

The 15-year vs 30-year mortgage debate is one of the most common questions homebuyers face. The choice can save or cost you hundreds of thousands of dollars over time.

Quick Comparison

Factor	15-Year	30-Year
Monthly Payment	Higher	Lower
Total Interest Paid	Much Lower	Higher
Interest Rate	Usually Lower	Slightly Higher

When to Choose a 15-Year Mortgage

• You want to pay off your home faster and save tens (or hundreds) of thousands in interest
• You have a high income and can comfortably afford higher monthly payments
• You plan to stay in the home long-term

When to Choose a 30-Year Mortgage

• You want lower monthly payments and more cash flow flexibility
• You're buying your first home or stretching your budget
• You plan to invest the extra money instead of paying down the mortgage faster