WEIGHING THE PROS AND CONS OF SWITCHING TO A 15-YEAR MORTGAGE
I get where you’re coming from. When I bought my first condo, I was dead set on a 15-year mortgage too. The idea of being “free and clear” in my 40s sounded like the dream. But here’s what actually happened: halfway through year two, I realized my kitchen cabinets were basically held together with duct tape and hope, and the bathroom tile was giving up on life. I had this grand plan to renovate, but with the higher monthly payment, there just wasn’t much left over.
Honestly, living in a place that feels unfinished or cramped can wear on you. It did for me, anyway. There’s something to be said for having a bit of cash on hand—not just for renos, but for the curveballs life throws at you (car repairs, busted water heater, etc). I ended up refinancing to a 30-year and just paid extra toward principal when I could. Not saying that’s the right move for everyone, but it gave me some breathing room. The house finally started feeling like home instead of a project I couldn’t afford to finish.
On the flip side, I’ve got friends who stuck with the 15-year and love it. They’re pretty disciplined with their spending and don’t mind living with outdated stuff for a while. For them, the light at the end of the tunnel—being mortgage-free—is worth a few years of scrimping.
It really comes down to how much you value flexibility. If the thought of being locked into high payments makes you anxious or keeps you from enjoying your space, maybe it’s not the right time for a 15-year. You can always throw extra money at your mortgage if things loosen up down the road.
One last thing—kitchen renos always cost more than you think, even if you plan well. Trust me on that one...
There’s something to be said for having a bit of cash on hand—not just for renos, but for the curveballs life throws at you (car repairs, busted water heater, etc).
This hits home. When we bought our place, I was all gung-ho about paying it off fast, but then the roof started leaking the first winter. Ended up dipping into our “green upgrades” fund just to patch things up. If we’d locked ourselves into a 15-year, there’s no way we could’ve afforded the solar panels and insulation we wanted. Sometimes slower is actually smarter, especially if you’re trying to make your home more efficient over time.
