15 Vs. 30-Year Mortgage: How To Determine Which Is Better?


One of the most important decisions when buying a home is getting a 15 vs. 30-year mortgage. Both options have their pros and cons.

We will discuss the differences between these two mortgage options and some of the factors you should consider.

How Does a Mortgage Work?


A mortgage is relatively simple: If you qualify, you can take on a loan from a bank. That loan principal and the interest on the loan is the mortgage.

You will make monthly payments until you pay back the value of the mortgage. Once you do that, you own the house – until then, the bank is the homeowner, and if you stop paying for the house, the bank can take possession of the home.

Types of Mortgages


These mortgages will have the same interest rate during the loan duration. These mortgages are commonly available for a 30 or 15-year period.

Fixed-Rate Mortgages

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