A 30-year mortgage usually has a lower monthly payment because the loan is spread across more payments. A 15-year mortgage usually costs less total interest, but the monthly payment is higher.
When a 30-year mortgage may fit
It can make sense when cash flow flexibility matters, when you want a lower required payment, or when you plan to invest or save the difference.
When a 15-year mortgage may fit
It can make sense when you can comfortably handle the higher payment and want to build equity faster while paying less total interest.
Compare the payment before choosing
The right term is not only about the rate. It is also about monthly comfort, emergency savings, retirement contributions, repairs, taxes, and insurance.
Bottom line: compare both payments, then choose the one that leaves enough room for the rest of your financial life.
Estimated monthly payment$0Principal, interest, taxes, and insurance estimate.
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