but I’d rather have cash on hand for the next project than be house rich and cash poor.
Fair point, but locking in a 15-year can actually force better discipline. I’ve seen folks spend “extra” cash on upgrades they didn’t really need, then regret not building equity faster. Lower interest over time is hard to ignore, too. Sometimes that forced structure pays off big.
Had a similar debate with myself a few years back. Ended up going with the 15-year and, honestly, it kept me from splurging on a wine cellar I definitely didn’t need. Watching that principal drop fast felt pretty good, too.
WEIGHING THE PROS AND CONS OF SWITCHING TO A 15-YEAR MORTGAGE
Funny you mention the wine cellar—when I switched to a 15-year, I had all these grand plans for a backyard pizza oven that never quite materialized. The extra monthly outlay kept me grounded, but honestly, seeing those statements with the principal dropping like a rock was its own kind of reward. In my line of work, I see folks stretch for the 30-year to keep cash flow flexible, and I get it... sometimes liquidity is king, especially if there are other investments or projects in play.
But there’s something about that forced discipline. Less temptation to take on unnecessary upgrades or “just because” expenses. I will say, though, if your income isn’t super steady year over year, the higher payment can feel like a weight. It’s not for everyone—timing and personal situation matter a lot here. For me, though? No regrets about skipping the pizza oven... yet.
WEIGHING THE PROS AND CONS OF SWITCHING TO A 15-YEAR MORTGAGE
That’s funny about the pizza oven—mine was a rainwater collection system that’s still just a Pinterest board and a pile of good intentions. The 15-year really does keep you honest, though. I’ve noticed it’s a lot harder to justify random “upgrades” when you’re staring down that bigger payment every month. Kind of forces you to focus on what actually matters for your home, not just what looks cool on HGTV.
But yeah, I hear you on the steady income thing. If my work was more seasonal or unpredictable, I’d probably have stuck with the 30-year just for the breathing room. There’s something to be said for flexibility, especially if you’re juggling other projects or trying to stash away cash for solar panels or insulation upgrades (which, let’s be real, are way less sexy than a wine cellar but pay off in the long run).
No regrets here either—though I do sometimes miss the idea of that rain barrel setup... maybe after the mortgage is gone.
WEIGHING THE PROS AND CONS OF SWITCHING TO A 15-YEAR MORTGAGE
Totally get what you mean about the “Pinterest board of dreams”—I’ve got a folder full of backyard ideas that’ll probably never happen. The 15-year really does force you to prioritize. For me, it’s meant fewer impulse buys and more focus on stuff that actually saves money long-term, like better insulation. Sometimes I wish I had the wiggle room for fun projects, but honestly, seeing the principal drop so fast is its own kind of motivation.
