Why would someone choose a 15 year mortgage over a 30 year mortgage?

Answer

If you can afford it, choosing a 15 year mortgage over a 30 year mortgage means you pay considerably less in interest and pay off your mortgage in half the time.

Higher payments

You will make a higher monthly payment if you choose a 15 year mortgage, but take this into consideration – a 30 year mortgage will cost you more than twice as much as a 15 year mortgage over the life of the loan.

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