Compared to the traditional 30-year mortgage, a 15-year home loan costs you more each month, but you’ll pay less in interest over the life of the loan. If you’re not planning to be in the home for very long, it’s probably not worth the higher monthly payments for a 15-year term. If you’re planning on staying in the home for a long time–and especially if you’re eager to be debt-free–a 15-year mortgage could be a good option.
