Flexibility wins.
WEIGHING THE PROS AND CONS OF SWITCHING TO A 15-YEAR MORTGAGE
I get the whole “flexibility wins” angle, but honestly, I think people underestimate how much you save in interest with a 15-year. That’s real money, not just a few years shaved off. And let’s be honest—most folks say they’ll pay extra on a 30-year, but life gets in the way. Discipline is great in theory, but forced savings can be a blessing. I’d rather have the higher payment and know I’m building equity fast, even if it means tightening the belt a bit.
WEIGHING THE PROS AND CONS OF SWITCHING TO A 15-YEAR MORTGAGE
You nailed it about life getting in the way. I’ve seen folks swear they’ll pay extra on a 30, but most don’t follow through. With a 15-year, you’re kind of forced into that discipline. The equity builds up way faster, and you’re less likely to be underwater if the market shifts. That said, if your income isn’t super steady or you’ve got big expenses coming up—kids, renovations, whatever—the higher payment can get stressful real quick. It’s a trade-off for sure, but I lean toward the security of owning more of your home sooner.
WEIGHING THE PROS AND CONS OF SWITCHING TO A 15-YEAR MORTGAGE
With a 15-year, you’re kind of forced into that discipline. The equity builds up way faster, and you’re less likely to be underwater if the market shifts.
That’s definitely true, but I keep wondering about flexibility. If something unexpected comes up—like a job change or medical bills—being locked into those higher payments could be risky. Does the peace of mind from faster equity outweigh the stress of less wiggle room in your monthly budget? I guess it depends how stable your situation is, but I always worry about trading too much flexibility for discipline.
Does the peace of mind from faster equity outweigh the stress of less wiggle room in your monthly budget?
I wrestled with this exact thing a few years back. Ended up going with a 30-year, but I pay extra most months—kind of a “best of both worlds” approach. In land deals, cash flow is king, and I’ve seen folks get squeezed when something unexpected hits. The discipline is great, but I’d rather have the option to dial it back if life throws a curveball.
WEIGHING THE PROS AND CONS OF SWITCHING TO A 15-YEAR MORTGAGE
I’m right there with you—having that wiggle room matters more to me than shaving a few years off the loan. Life’s just unpredictable. One month things are fine, next month the car needs a new transmission or the roof starts leaking. I get the appeal of building equity fast, but I’d rather have cash on hand than tie it all up in the house. If I ever do have extra, I just toss it at the principal anyway... no penalty for paying down early, right?
