The monthly payments for 30 year or 15 year fixed mortgages are the main considerations for many people who are looking to buy a home. Paying the mortgage off early is important for many people that buy a home later in life. Before signing and documents, there are always many points to think about.

One important point is to ensure that the interest rate doesn’t change during the life of the loan. Many lenders offer deals that are too good to be true. Loans agreed with a 15 year fixed mortgage keep the same interest rate throughout the entire life of the loan agreement. For many people with regular incomes, this sis a definite benefit as there are no hidden charges. My husband and I looked into the loans available with 15 year fixed mortgage rates when we were looking at home for sale.

Even though it was important for us to pay off our loan at the earliest possible opportunity, we didn’t want high, unrealistic monthly payments which we would have trouble maintaining. This meant that we had to consider 30 year fixed mortgage plans as well as 15 year mortgages.

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Because we didn’t still want to have a mortgage when we close to retirement, we hoped we would be able to afford a shorter 15 year fixed rate mortgage. Too much pressure was placed on paying the mortgage off early. After careful consideration we decided to take the longer term 30 year repayment option instead of the 15 year plan.

After finding out I was having a baby, reaching the decision we did was the only one that made sense. My regular monthly income would become unreliable because I wanted to be at home raising our child. Unfortunately, a higher monthly payment was the downside of loans with a 15 year fixed mortgage rate. We could see the financial problem of getting in too deep. The monthly payments on a 30 year loan were quite a bit lower.

We found that if we could make a few extra payments throughout each year then it would gradually reduce the principle sum owed. To our surprise we also discovered that we could knock years off our loan by doing this. Difficult this may be, but well worth the effort in the long run. Although we would have preferred the loans with 15 year fixed mortgage rates we had to take our needs and abilities into consideration.

Despite all our worries, things turned out well for us in the end.

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