The Difference Between a 15 Year and a 30 Year Mortgage

With a longer loan period comes lower monthly payments, since the loan amount is spread out over more time. A 30 year mortgage increases the amount of money available to help you reach these goals. For example, are you wanting more income and cash flow to save more for your children's college? Or would you rather build equity fast for your personal residence so you can avoid paying a mortgage during your retirement? You may want a 15 year mortgage plus it's a good idea to consider what payment you may or may not be able to afford in the future.