15-year vs. 30-year Mortgage: Which Loan is Best for You?

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Life is full of choices, and sometimes, it’s not easy to decide. Choosing between a 15-year and 30-year fixed-rate mortgage, however, doesn’t have to be.

Monthly Payments

When choosing between a 15-year and 30-year mortgage, the decision depends largely on how much you’re willing to put toward your monthly payment. A 15-year loan has a higher monthly payment, but you will pay less in interest in the long run. On the flip side, a 30-year loan has a lower monthly payment, but you will pay significantly more in interest over the life of the loan. Essentially, if you are financially able to make higher payments each month, you will save thousands of dollars on interest with the 15-year option.


If you are planning on settling down and staying in your house for many years to come, a 30-year mortgage provides a steady, affordable monthly payment option that will allow you to save for other financial goals and pay any unexpected expenses that pop up. But there are still some sound reasons to consider a 15-year mortgage when it comes to your financial timeline. Planning on retiring soon or helping your child pay for college? A 15-year mortgage will free up your finances for those upcoming expenses since you will pay off your mortgage sooner.

Middle Ground

Still unsure which way to go? How about taking out a 30-year mortgage and paying extra money towards the principal in your monthly payment? Most mortgages allow you to include such additional principal payments at any time with no prepayment penalties. Of course, you will still be paying the higher interest rate of a 30-year loan, but you will also shorten the term of the loan without firmly committing to the heftier payments of a 15-year loan.

Determine the mortgage option that’s right for you by talking to one of our mortgage experts. We will show you the way home!

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Equal Housing Lender LogoALCOVA Mortgage LLC | NMLS#40508 | (www.nmlsconsumeraccess.org)
Licensed in AL, AR, CO, DC, FL, GA, IN, KY, MD, NC, OH, PA, SC, TN, TX, VA, WV |
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Equal Housing Lender LogoALCOVA Mortgage LLC | NMLS#40508 | (www.nmlsconsumeraccess.org)
Licensed in AL, AR, CO, DC, FL, GA, IN, KY, MD, NC, OH, PA, SC, TN, TX, VA, WV |
308 Market St SE, Roanoke, VA 24011