## What is a 15 versus 30-year mortgage?

Compared to a 30-year fixed mortgage, a 15-year fixed mortgage with the same loan value and interest rate will have a higher monthly payment. But a 15-year loan will usually be the better deal, as long as you can afford the monthly payments.

## What is the difference between a 30 year and 15 year mortgage?

The primary difference between a 15-year mortgage and a 30-year mortgage is how long each one lasts. A 15-year mortgage gives you 15 years to pay off the full amount you’re borrowing to buy your home, while a 30-year mortgage gives you twice as much time to pay off the same amount.

## Should you get a 15 or 30 year mortgage?

When choosing a mortgage to buy a home or if you already have a home and are looking to refinance your mortgage you should always get a 30 year fixed rate mortgage. You just should. Yes, take a look at the other mortgages (15 year, ARM, etc.) so you know whats available.

## Is a 30 year mortgage a bad idea?

But that’s not totally a bad thing for a couple of reasons. Right now, the average 30-year mortgage rate is … than what you’d pay for a $200,000 mortgage at 3.2%. While the idea of having mortgage rates go up next year may rattle you as a prospective …