WEIGHING THE PROS AND CONS OF SWITCHING TO A 15-YEAR MORTGAGE
Totally get what you mean about the cash flow squeeze. I’ve had clients who went for the 15-year plan and then had to put off some much-needed updates because their budget got tight—paint peeling, floors creaking, that kind of thing. The fast equity is tempting, but if your house is a “project,” those extra funds can make all the difference when something unexpected pops up. Personally, I’d rather have a little more breathing room for those “uh-oh” moments... especially with older homes where surprises are basically guaranteed.
WEIGHING THE PROS AND CONS OF SWITCHING TO A 15-YEAR MORTGAGE
The fast equity is tempting, but if your house is a “project,” those extra funds can make all the difference when something unexpected pops up.
That’s exactly where I get stuck. Sure, paying off the loan faster sounds great on paper, but I keep thinking about the time my water heater died out of nowhere—if I’d been locked into higher payments, it would’ve been a real scramble. I’d rather have some cushion for emergencies than rush to build equity, especially since repairs always seem to cost more than you expect.
I’d rather have some cushion for emergencies than rush to build equity, especially since repairs always seem to cost more than you expect.
That’s a completely reasonable way to look at it. There’s a lot of appeal in the 15-year mortgage—less interest paid, faster path to being debt-free—but it really isn’t a one-size-fits-all solution. I’ve been in situations where something major broke (roof leak in the middle of winter, no less), and having that financial buffer made all the difference. When you’re locked into higher payments, there’s just less room to maneuver if life throws you a curveball.
On the other hand, if your income is steady and you’ve already got a solid emergency fund, the shorter term can be worth considering. But if your house is older or needs work, I’d lean toward keeping that monthly flexibility. Sometimes peace of mind is worth more than shaving a few years off the mortgage.
WEIGHING THE PROS AND CONS OF SWITCHING TO A 15-YEAR MORTGAGE
Sometimes peace of mind is worth more than shaving a few years off the mortgage.
That line really hits home for me. Last year, my car and my furnace decided to quit within a month of each other—classic timing. If I’d been locked into a higher payment, I honestly don’t know how I would’ve handled both without dipping into debt.
I get the appeal of being mortgage-free sooner, but having that “cushion” has saved me more than once. There’s something creative about finding ways to pay extra on the principal when you can, instead of committing to a tighter schedule. It’s like giving yourself options, which feels empowering.
Not saying the 15-year route is wrong—it just depends on your situation and how much unpredictability you’re willing to juggle. For me, flexibility wins out, at least for now.
WEIGHING THE PROS AND CONS OF SWITCHING TO A 15-YEAR MORTGAGE
I’m right there with you on the flexibility. Life throws curveballs, and locking into a higher monthly payment just isn’t worth the stress for me. I’d rather pay extra when I can than risk scrambling if something big breaks. The peace of mind is hard to put a price on.
