Is a 15 year mortgage right for you?

I currently hear a lot of mortgage professionals advocating for 15 year mortgages if you can afford them. Lets look at the pros and cons

Pros

• Lower interest rate

• Significantly lower interest paid in total

• Quicker path to debt free

Cons -

• Significantly higher monthly payment

• Lost opportunity cost related to the higher payment (if you invested the difference in the monthly payment over 30 years would you be better off?)

• Loss of tax deduction on higher interest

There is no one right answer for everyone, it depends on your particular situation, your discipline, your risk tolerance, and how it fits into your budget and long term plan. Assessing your situation is the key to making the right decision for you.