WEIGHING THE PROS AND CONS OF SWITCHING TO A 15-YEAR MORTGAGE
I get where you’re coming from about the trade-offs. When I built my own place, I ran the numbers on both options for months. The 15-year was tempting—less interest, done faster, all that. But I kept circling back to the reality that construction projects always run over budget, and there’s always some surprise (like the time I found out the well needed to be drilled deeper... not cheap).
In the end, I went with a 30-year but started making extra principal payments whenever I had a good month. That way, I could dial it back if something big came up—like when my water heater died right after I finished the drywall. Not glamorous, but it was nice not to be totally strapped.
I do think there’s something to be said for the discipline a 15-year forces, though. Watching that principal drop is motivating, and it’s easy to let lifestyle creep eat up the difference if you’re not careful. But for me, having a bit of breathing room meant I could actually enjoy the house as I went—add a deck one year, upgrade the windows the next—without feeling like every penny was locked up in the mortgage.
It probably depends on your risk tolerance and how much you value flexibility. I know a couple folks who went all-in on the 15-year and loved it, but they were both pretty handy and could DIY most repairs. If you’re not into that, those surprise expenses can really sting.
Honestly, I don’t think there’s a perfect answer. For me, the balance came from treating the 30-year like a 20-year most months, but not beating myself up if I had to scale back. The peace of mind was worth it, even if it meant a little more interest in the long run.
WEIGHING THE PROS AND CONS OF SWITCHING TO A 15-YEAR MORTGAGE
I hear you on the flexibility piece. Years back, I tried to convince a buddy to go 15-year when he was developing his first infill lot. He was all about “get it paid off quick,” but then the city hit him with surprise utility hookup fees and he was scrambling. I’ve always leaned toward longer terms for projects—just too many moving parts, and cash flow can get tight fast. Funny enough, the folks I know who swear by the 15-year usually have some other safety net or side hustle. Makes me wonder if it’s really about discipline or just having more backup than most admit...
Had a similar situation—ran all the numbers for a 15-year, but after factoring in things like permit delays and unexpected site work, I just couldn’t justify locking myself into the higher payments.
That’s been my experience too. Out of curiosity, has anyone here tried making extra principal payments on a 30-year to simulate a 15, but kept the safety net? Wondering if the discipline holds up when you’re not contractually obligated.“just too many moving parts, and cash flow can get tight fast.”
Title: Weighing the Pros and Cons of Switching to a 15-Year Mortgage
I’ve run that play a few times—stick with the 30-year but pay extra when cash flow’s good. It’s flexible, especially when projects throw curveballs (like surprise utility relocations... always fun). The discipline part? Honestly, it comes and goes. When margins are tight, I dial it back. But having the option feels safer than being locked into higher payments. In my experience, the “simulated 15” works if you’re okay with some months not hitting that target.
I get what you mean about the flexibility—there’s something comforting about knowing you can scale back if a big project eats up your reserves. I tried the “simulated 15” for a couple years, and honestly, it worked until I had to redo my kitchen (tile delays, custom cabinets, the whole nine yards). Suddenly, those extra payments just weren’t happening.
Here’s the thing I keep wondering: does anyone else feel like the psychological pressure of a 15-year mortgage would actually make you prioritize it more? Like, if it’s non-negotiable, maybe you’d find a way to make it work, even if it means shelving some upgrades or pushing off a new sofa. Or is that just wishful thinking? Sometimes I wonder if being forced into those higher payments would actually help me stick to my goals, but then again... I do like having the option to splurge on lighting when inspiration hits. Curious if anyone’s regretted locking themselves in.
