WEIGHING THE PROS AND CONS OF SWITCHING TO A 15-YEAR MORTGAGE
Totally get where you’re coming from. I remember when we refinanced a few years ago, I was tempted by the 15-year option—looked so good on paper. But then I thought about those months when work gets slow or a project falls through... that extra breathing room suddenly looked a lot more appealing. There’s something underrated about having the option to pay extra but not being forced to, you know? You’re not missing anything by wanting a bit of flexibility—it’s just being realistic.
WEIGHING THE PROS AND CONS OF SWITCHING TO A 15-YEAR MORTGAGE
You nailed it with the flexibility point. When I was crunching the numbers, I kept thinking about how unpredictable life can get—especially with home repairs or energy upgrades. We almost went with a 15-year, but ended up sticking to a 30 and just make extra principal payments when we can. That way, if I want to invest in solar panels or need to replace a heat pump, I’m not locked into a high monthly payment. The idea of “optionality” really matters more than people think... especially if you’re into making your home more efficient over time.
WEIGHING THE PROS AND CONS OF SWITCHING TO A 15-YEAR MORTGAGE
That’s exactly why I hesitated on the 15-year too. I ran a bunch of scenarios in Excel, and the higher payment just didn’t leave much buffer for stuff like a new roof or even just rising utility bills. One thing I’m still not sure about—if you’re making extra payments on a 30-year, do you always get the same interest savings as you would with a 15-year? Or does it depend on how your lender applies those payments? I’ve read some banks handle it differently...
