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Yes, a 30-year mortgage costs more than a 15-year mortgage. But is a 30-year mortgage bad? Should you always get a 15-year mortgage instead?

Or, could you get a 30-year mortgage and later change it to 15 years?

Let’s explore some answers to these common questions which so many people face when shopping for a home.

IN THIS ARTICLE:

Is A 15 or 30 Year Mortgage Better?

Both 15-year and 30-year home loans have their strengths and weaknesses.

So, what’s the difference?

Here’s the deal:

A 15-year mortgage requires a higher monthly payment but you’ll save a lot of money over the life of your loan. Plus, you’ll own the home sooner.
A 30-year mortgage costs more in the long run but you’d pay a lower monthly payment.

Let’s look at a $250,000 loan to see how this concept might play out in reality:

In this example, I used the same 4% interest rate for both the 15-year and the 30-year loan to calculate monthly mortgage payments. Let’s see the price difference when we change only the term of the loan from 15 to 30 years.

15-year mortgage	30-year mortgage
Monthly payment	$1,849*	$1,194*
Total interest paid	$82,860	$179,674
Total paid (principal + interest)	$332,860	$429,674

*Please note: Monthly payments shown here do not include your home insurance, property taxes, mortgage insurance or other homeowners association fees.

15 Year Mortgages Have Better Interest Rates

In reality, a lender could give you a lower interest rate on a 15-year mortgage when compared to your rate on a 30-year loan.

This means you’d save even more than the chart above indicates. For example, the same 15-year loan at 3.5 percent would cost $71,697 in interest, and the monthly payment would be $1,787.

To keep things simple, let’s say you’d save $100,000 by getting a 15-year mortgage instead of a 30-year mortgage.

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Most of us, given a choice to save a hundred grand by getting a 15-year loan would do so.

So why would you consider getting a 30-year loan?

Simply put: If you can’t comfortably afford the monthly payment for a 15-year loan — or if you worry the higher payment on a 15-year loan would cut too deeply into your financial freedom — a 30-year loan may be right for you.

Is A 30 Year Mortgage A Bad Idea?

As we’ve established, you’ll pay a lot more in interest – $100,000 or so more in our $250,000 loan example above – by getting a 30-year mortgage instead of a 15-year mortgage.

The question to ask is this:

What am I getting for this extra $100,000 paid over 30 years, and is it worth it?

Why A 30 Year Mortgage Might Be Better for You

Only you can decide if it’s worth it, but here’s what you may be getting:

More Financial Flexibility

By saving hundreds of dollars a month on your 30-year loan’s house payment, you’d be able to put this money toward other areas of life, including:

Saving for Emergencies:
You should have an emergency fund with at least three months’ worth of household expenses in case you lose your job or get injured or sick. Saving on your house payment could help you create this fund.
Saving for Retirement:
If a 30-year mortgage loosens up more money in your monthly budget, you could direct those funds into an IRA for retirement. This will also give you some tax breaks, either now or later, during retirement.
Investing:
Whether it’s in a CD, with a robo-advisor, or through a brokerage house, spending less each month on your house payment could free you up for investing elsewhere. Yes, your home is a big investment, but it doesn’t have to be your only investment.

You Can Afford A Better Home

The expense of a 30-year mortgage may be worthwhile if it’s opening the door to a better house in a better neighborhood whose value will increase more rapidly.

Some financial advisors say you should always get a 15-year loan even if it means buying a less expensive home. While it’s hard to argue with the logic of hard numbers, real-life can’t always be distilled down to simple numbers.

If a 30-year mortgage allows you to buy a home you couldn’t otherwise afford, your home’s higher value and its appreciation could cut into the extra financing charges.

It’s Easier to Qualify

Mortgage lenders will take a look at your entire financial life before issuing a loan. They’ll want to know how much you earn and how much you owe on other debts.

https://newmarks.amebaownd.com/posts/20522427. If your debt-to-income ratio won’t comfortably leave room for the higher payments of a 15-year loan, you probably won’t qualify for the mortgage.

Even if you don’t qualify for a 15-year mortgage, you may qualify for a 30-year loan, meaning you can still buy the house.

Again, you’d pay more in interest over 30 years, but at least you’d be getting into a home of your own instead of paying your landlord.

And as we’ll see below, the added expense of a 30-year loan doesn’t have to be the final word. You can find ways to slash into that added expense.

How to Save Money On a 30-Year Mortgage

When you close on your mortgage, your lender will be required to show you a Truth in Lending report.

This report will show you how much you’ll pay for your home based on the interest

Fast Money Vs Real Money