The Difference Between a 15 Year Mortgage and a 30 Year Mortgage

A 15 year mortgage can open up the population of homes you can buy and increase your purchasing power by 34 percent for someone who's young and new. A 30 year could very easily become a 15 year yes there's a half a percent premium from doing a 30 year over a 15 year but there's nothing that says you can't prepay that 30 year mortgage in 15 years matter of fact once you're in a 30 year because you maybe needed the 30 year to let you have the grace to get a bigger home for your growing family when times are better.