Should i get 30 year or a 15 year mortgage?

I took out a mortgage in 2016 for $320,000 at 3.6%. This was a 30 year loan. With interest rates low, should i get a 15 year or a 30 year. I can afford either payment. 

Is it worth getting a 30 year which does reduce my monthly payment and every so often pay in a chunk of money towards principal. 


Refinance at 15 year and make the set payments ?

7 Answers

  • 1 month ago

    15 year, no doubt

  • 1 month ago

    Can you afford the payments on a 15 year mortgage?  Is it close?  Worth the better interest rate?  You will have to look at the figures.  Do you actually expect us to guess?

  • Anonymous
    1 month ago

    get the shortest one you can afford .............................

  • Eva
    Lv 7
    1 month ago

    Make sure the savings is going to be worth the closing costs.  3.6 is already pretty low.  A 15 year mortgage will cost you less in total, but your other option is to get the 30 year and pay more towards the principle every month.

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  • 1 month ago

    Math says to get the 15 year mortgage.  There are online calculators you can find which tell you the total costs if you make extra payments on 30 year loans you can verify if you like.

    Non-math brings in other factors though.  Having the option for a lower payment is often desirable.  It has to do with your personal financial situation now and comfort level in the future too.  If you fully expect to be able to pay for 15 years at the higher monthly payment without struggling, with the ability to still live the life you want, and with enough savings 'just in case', then 15 year is good.  If you are risk adverse and always worried about what might happen to your finances in the future (real or not), then you may want to consider a lower payment.

  • ?
    Lv 7
    1 month ago

    Get the shortest mortgage term you can afford, you'll save thousands a year in interest

  • Bill
    Lv 6
    1 month ago

    If there isn’t a big difference in interest rates, get the 30 year loan and pay extra principal to shorten the term.  If you get in a financial bind, you can drop back to the normal payment.

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