WEIGHING THE PROS AND CONS OF SWITCHING TO A 15-YEAR MORTGAGE
I’m in my first year of owning a custom build, and I went back and forth on the 15-year vs. 30-year thing for months. Ended up with a 30-year, mostly because I wanted some breathing room for exactly the kind of stuff you mentioned—appliances, random repairs, and honestly, just not stressing every time something breaks. The idea of building equity faster is tempting, but I couldn’t get past the thought of being “house poor” if anything big came up.
That said, I totally get the appeal of knocking out the mortgage early. If you’re disciplined with your budget and don’t mind putting off bigger upgrades, it seems doable. For me, I’d rather have the flexibility to tackle projects as they come up, even if it means paying more interest over time. Maybe down the road I’ll refinance to a shorter term, but for now, I’m playing it safe. Everyone’s risk tolerance is different, I guess.
WEIGHING THE PROS AND CONS OF SWITCHING TO A 15-YEAR MORTGAGE
I totally get where you’re coming from. When I bought my place, I was tempted by the 15-year too, but in the end, the flexibility of a 30-year just made more sense. Unexpected repairs and upgrades always seem to pop up, especially with custom builds. I’ve seen clients get stretched way too thin trying to pay off their mortgage faster, and it’s not fun. For me, having a bit of extra cash on hand for the “what ifs” wins out. Maybe one day I’ll switch—just not yet.
WEIGHING THE PROS AND CONS OF SWITCHING TO A 15-YEAR MORTGAGE
Yeah, I’ve been thinking about this too, especially after getting hit with a surprise plumbing issue last month. I totally get wanting the flexibility—those “what if” moments seem to happen way more than I expected. But do you ever worry about paying so much more in interest over 30 years? Sometimes I wonder if it’d be worth tightening the belt just to save on that, or if the peace of mind is better. How do you balance that out?
WEIGHING THE PROS AND CONS OF SWITCHING TO A 15-YEAR MORTGAGE
But do you ever worry about paying so much more in interest over 30 years? Sometimes I wonder if it’d be worth tightening the belt just to save on that, or if the peace of mind is better. How do you balance that out?
I’ve run the numbers a bunch of times—totally get your hesitation. Here’s how I usually break it down:
- 15-year mortgage = way less interest overall, but obviously higher monthly payments.
- 30-year gives you more breathing room for stuff like, well, surprise plumbing disasters (been there...).
- If you’re into energy upgrades or green retrofits, the extra cash flow from a 30-year can make those projects doable without stressing your budget.
- On the flip side, locking into a 15-year forces you to build equity fast, which feels good, but can be tight if life throws curveballs.
Honestly, I lean toward flexibility, especially with how unpredictable home repairs can get. But yeah, seeing the total interest paid on a 30-year kind of stings. Maybe a compromise is making extra payments when you can? That way you get some of the savings without losing sleep over emergencies.
WEIGHING THE PROS AND CONS OF SWITCHING TO A 15-YEAR MORTGAGE
When I bought my place, I was obsessed with the idea of a 15-year mortgage—just wanted to be “done” as fast as possible. But then I started budgeting for a kitchen reno and realized how tight things would get. Is it worth having a beautiful home if you’re constantly worried about cash flow? I guess I keep circling back to whether I’d rather have flexibility or just be mortgage-free sooner...
