What is the difference between a 15 and 30-year fixed rate Mortgage?

The shorter the term, the less you will pay in interest over the life of the loan. If you plan on staying in your home, building wealth, and retiring early a shorter home loan term may be right for you. Shorter terms typically mean a slightly higher payment.  If you’re not certain you will be in your home forever, or don’t want to be tied up in a larger mortgage payment, a 30 year fixed loan may be right for you.