WEIGHING THE PROS AND CONS OF SWITCHING TO A 15-YEAR MORTGAGE
Had a client once who insisted on a 15-year, thinking it’d be “done and dusted” by retirement. Six months in, their furnace died and they were scrambling for cash. I get the appeal of being mortgage-free sooner, but life’s rarely that tidy. Sometimes flexibility beats speed.
WEIGHING THE PROS AND CONS OF SWITCHING TO A 15-YEAR MORTGAGE
That story hits close to home. Years ago, I refinanced into a 15-year loan, thinking I’d be ahead of the game by the time my kids hit college. The lower interest rate was tempting, and the idea of owning the house outright felt empowering. But I’ll admit—those higher payments were a shock to the system when unexpected expenses cropped up. One year it was a leaky roof, another it was medical bills.
What I learned is that financial peace isn’t just about being debt-free quickly; it’s also about having enough breathing room to handle life’s curveballs. There’s something to be said for flexibility, even if it means paying a bit more in interest over time. It’s a balancing act, really—security versus speed. Looking back, I might’ve chosen a 30-year with the option to pay extra when things were going well... hindsight and all that.
There’s something to be said for flexibility, even if it means paying a bit more in interest over time.
I’ve seen a lot of clients go both ways on this. The 15-year looks great on paper, but when you’re staring down a busted water heater or surprise foundation work, the higher payment can feel like a straitjacket. Personally, I stuck with a 30-year and just throw extra at the principal when jobs are steady. Not as fast, but I sleep better knowing I’ve got a cushion if something goes sideways. The “peace of mind” factor is underrated, honestly.
the higher payment can feel like a straitjacket
That’s exactly what made me hesitate about the 15-year. I ran the numbers a dozen times, and sure, you save a ton on interest, but life just isn’t that predictable. I’d rather have the option to pay more when I can, than be locked into a bigger bill every month. Flexibility is worth something—especially when you’re budgeting for all the “what ifs” that come with owning a house.
WEIGHING THE PROS AND CONS OF SWITCHING TO A 15-YEAR MORTGAGE
I get where you’re coming from. When I bought my place, I was tempted by the 15-year too—those interest savings look so good on paper. But then I started thinking about all the random stuff that can pop up: car repairs, medical bills, job changes... It’s not just about the mortgage, it’s about everything else life throws at you.
One thing I did was set up my 30-year loan but pay extra toward principal when I had a good month. That way, I could still knock down the balance faster without feeling boxed in if things got tight. Have you looked into how much flexibility your lender allows with extra payments? Some make it super easy, others not so much.
I guess it comes down to your risk tolerance and how steady your income is. For me, peace of mind was worth a bit more interest in the long run. Curious if anyone here actually regretted going with the 15-year after the fact...
