The Truth About 30-Year vs. 15-Year Loans
When choosing a mortgage, one of the biggest decisions you’ll face is whether to go with a 30-year or a 15-year loan. Each option has its benefits, and the right choice depends on your financial goals. Understanding the difference is key to making a confident, informed decision.
A 30-year mortgage offers lower monthly payments, giving you more breathing room in your budget. This can be ideal for first-time buyers or families with other financial priorities. On the other hand, a 15-year mortgage typically comes with a lower interest rate and lets you pay off your home faster, possibly saving you tens of thousands in interest over the life of the loan.
The tradeoff is that 15-year loans come with higher monthly payments. If you can comfortably afford those payments, it’s a great way to build equity quickly and own your home outright sooner. But if flexibility is more important to you, the 30-year option might be the smarter route.
Ultimately, it’s not about one being better than the other. It’s about what works best for your life and long-term financial plans. Contact your Ellason Loan Originator today for more information.
