Is a 15-year mortgage better than a 30-year mortgage?
A 15-year loan usually carries a lower rate and much less total interest, but the monthly payment is significantly higher. A 30-year loan costs more over time and buys flexibility in your monthly budget.
Interest Rates · Written by Anil Aggarwal, Realtor® | Mortgage Loan Officer · Updated August 8, 2026
One middle path is a 30-year loan with voluntary extra principal: you get 15-year-style payoff behavior when cash flow allows, and you can stop any month you need to.
The 15-year loan's advantage is discipline plus a typically lower rate. Its risk is a fixed higher required payment.
Compare payment, total interest and equity growth on your own loan amount before deciding.
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