Is a 15-year mortgage worth it?
Yes, if you can afford the higher monthly payment. A 15-year mortgage typically saves $150,000–$300,000 in interest on a mid-sized loan vs a 30-year, plus often offers a 0.5-0.75% lower rate. The trade-off: monthly payments are 40-60% higher, leaving less room for other goals.
More context
Yes, if you can afford the higher monthly payment. A 15-year mortgage typically saves $150,000–$300,000 in interest on a mid-sized loan vs a 30-year, plus often offers a 0.5-0.75% lower rate. The trade-off: monthly payments are 40-60% higher, leaving less room for other goals. The exact answer depends on your specific situation — the numbers above are a strong starting point, but the right next step is to plug in your actual figures.
For a deeper analysis, use one of the related tools below — they take your specific income, debt, location, and goals as inputs and produce a tailored answer.