WEIGHING THE PROS AND CONS OF SWITCHING TO A 15-YEAR MORTGAGE
I get why people love the flexibility of a 30-year, but man, there’s something satisfying about being mortgage-free faster. I’ve seen folks regret locking into a long-term loan just because “life happens”—but honestly, life happens either way. If you’ve got a solid emergency fund, that 15-year can save you a ton in interest and free up cash down the road. Real estate’s unpredictable, but so is everything else. Sometimes it pays to bet on yourself.
If you’ve got a solid emergency fund, that 15-year can save you a ton in interest and free up cash down the road.
We went 15-year when we refinanced in 2018. It stung at first—those higher payments, yikes—but watching the principal drop so fast was wild. The tradeoff was less wiggle room in our monthly budget. Anyone else worry about putting too much toward the house and not enough into other investments?
