Under certain situations, a 15 year mortgage will be more beneficial than a 30 year mortgage.
15 Year Mortgage Benefits
- Earlier loan payoff
- Less interest paid over the life of the loan
- Lower interest rate
- Build equity in your home faster
30 Year Mortgage Benefits
- Best if you plan to live in your home for only a few years
- Lower monthly payment
Here's a comparison for a 15 vs 30 year loan.