Home owners: a 15 year or 30 year fixed mortgage? Which is better or you prefer?

[DreamLife7]

As I am in the process of looking for a forever home I've been doing a lot of research. Its hard because i see homes that i want NOW!! Yes Now... but i need to do my reseach.

15 year

30 year

[MikeTheBartender]

I answered 15, but the truth is whatever has the better interest rate is going to be the better one. If you have a 30-year mortgage with a low interest, there is nothing against making extra payments on it and paying it off in 15 years. I had a 30-year mortgage, I refinance to a 15 for the interest rate, and I ended up paying off the whole thing in eight years. Remember if you get a 30-year mortgage, ideally you are only going to make more money, so as you get older that 30 year mortgage will be easier and easier if it is hard up front.

[exitseven]

I said 15 year. It will be paid off faster. The monthly payments will be more however. I could not afford a 15 year mortgage. I went with the 30 year but as I began to make more money I used to pay extra towards the principle and paid the mortgage off early.

[exitseven]

Thanks for the MHO😎

[LazerBean]

Ours is 15 years. I don't remember why that's what my husband wanted to do, but I have no complaints.

[Drew-1990]

If you can afford a 15 do the 15. Lower interest rate and you end up paying a lot less in the end. Most can't afford a 15 and have to go with a 30. I just built and there is no way I afford a 15 as much as I wish I could.

[jamesgoldman]

15 if you can afford it

Compounding is great in your savings but terrible on your debt, the vig gets tacked onto the principle

I say like I know but everyone I know with property were cash buyers

[DJB72]

Although 15 years means you own outright sooner, a 30 year mortgage is usually a better rate. You can still pay it off in 15 years by paying extra each month.

[strateguy632]

short if you can afford. yes fixed rate, but "not fixed" is risky start low but increases rate more n more n more!

[gorydetails]

Take out a 30-year mortgage and save up to make one extra mortgage payment a year (directly applied to the principle). That would pay off the house in 17 years.

Note that home mortgage interest is tax deductable.

[lightbulb27]

15 if can afford it, a lot cheaper and pay it off sooner if you can.

happy hunting!

[LiamS95]

It's always better to pay your mortgage off as fast as you can. So I would prefer the 15 year with bi-weekly payments.

[LiamJHayden]

30 if you can make extra principal payments without penalty. Otherwise 15 if you can afford the higher payments.

[Anonymous]

You are buying a house at the top of the market when it's going to crash in the next year or two, so "forever" you'll be paying too much for your house. Mortgages can change, your purchase price never does.

[DreamLife7]

We don't know if it's going to crash. It may not ever crash you can't sit around waiting for it to happen or you'll never have a house. That's silly

[electromagnetic]

If you can afford it, take the 15.

[DextroShade]

15 is better assuming you can afford it.

[eagle1951]

i do 30