The Pros and Cons of 15-Year and 30-Year Mortgages

Advantages and disavantages of 15 and 30 year mortgage loans

Traditional fixed-rate mortgages are the most popular types of loan programs for borrowers because they generally involve an unchanging monthly mortgage payment that is easy to budget around. The most common fixed-rate mortgages are 15-year and 30-year loans, and while both of their interest rates are fixed over their lifetimes, they each offer different advantages and disadvantages for homebuyers. To help you choose the right loan for your budget, here are some of the pros and cons of 15-year and 30-year mortgages.

Advantages of a 15-Year Mortgage

15-year mortgages allow borrowers with steady finances to:

Disadvantages of a 15-Year Mortgage

If you want to spend the least amount on interest, a 15-year mortgage will lock you in at the lowest rate possible. However, if the 15-year payment is too expensive for your monthly budget, you may want to consider getting a 30-year loan.

Advantages of a 30-Year Mortgage

Most borrowers opt for a 30-year mortgage, because they can:

Disadvantages of a 30-Year Mortgage

While the 30-year mortgage has a higher fixed rate, it offers flexibility in that you could always pay an additional amount each month to help pay off the loan faster.

Find the Right Loan for You

At Butler Mortgage, we offer fixed-rate mortgages in terms ranging from 10 to 30 years that can be paid off at any time without penalty. Our over 25 years’ experience allows us to help you decide which loan type makes the most sense for you. Whether you are interested in taking out a 15-year or 30-year mortgage loan, we are happy to serve your needs. Contact us at 407-931-3800 and request a free consultation today.

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