When you have a 15-year mortgage from the beginning, you won’t be tempted to use that money for something else. What about a new wardrobe? Whatever it is, there’s always a reason to spend that money somewhere else. Or maybe it’s time to upgrade your kitchen. You might decide to keep that extra payment and take a vacation. Good intentions aside, this rarely happens. Besides that, choosing to make those extra payments would be up to you. If you did that, your 30-year mortgage would be cheaper because you’d save yourself 15 years of interest payments.īut doing that is really no different than choosing a 15-year mortgage in the first place. Some people get a 30-year mortgage, thinking they’ll pay it off in 15 years. Is It Cheaper to Pay Off a 30-Year Mortgage in 15 Years?
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