15-Year vs 30-Year Mortgage: Which Term Is Right for You?
Choosing between a 15-year and 30-year mortgage involves balancing monthly payment affordability with long-term interest savings. Each option has distinct advantages depending on your financial situation and goals.
Key Differences
15-year mortgages have higher monthly payments but save significantly on interest. 30-year mortgages offer lower payments and more flexibility but cost more over the life of the loan.