Is it better to get a 15 year mortgage or a 30 year mortgage (fixed rate) and pay it early?

Arnie · Oct 8, 2015

Get the 30 year mortgage.

Zestilio said:
I'm getting ready to buy a house in early 2016 after my divorce is finalized and I'd like some opinion on this.

First assume I will qualify for the mortgages, I have good income, stable employment, and a 700+ credit score. My question really boils down to this: for the houses I am looking at, around a 200k loan, I can afford to go with either a 15 year fixed or 30 year fixed at current rates.

I know the benefit of choosing the 15 year over the 30 is that I pay things down quicker. But, I'm wondering if it isn't better to get the 30 year and pay down extra principal each month? The upside to doing it that way that I see is that it gives me the flexibility to ease off for a month or two if the need arises, whereas with a 15, I'm locked into a higher payment. (For the record, I could easily afford either option and I have good savings, but I come from a background of income instability so I'm always waiting for the other shoe to drop, perhaps irrationally.)

Any thoughts, experiences or comments would be appreciated. Thanks!
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You are correct. Lock into the 30. You can always clone it into a 15 by making extra principal payments.

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Is it better to get a 15 year mortgage or a 30 year mortgage (fixed rate) and pay it early?

Arnie