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 point to remember, is ensuring that your monthly mortgage repayment remains the same throughout the period of the loan. Many lenders offer deals that are too good to be true. A 15 year fixed rate mortgage means the interest rate remains fixed for the life of the loan. For those of us that don’t like hidden surprises, this is always a good thing. We had already decided to research long term fixed mortgage rates when we started looking at homes for sale.

We wanted to pay off the house as soon as possible but we didn’t want to get in over our heads with high monthly payments. As well as thinking about loans with 15 year fixed mortgage rates, we also considered loans that lasted 30 years as well.

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We didn’t really like the idea of having a mortgage as we were approaching the age of retirement so we were really hoping to get one of the loans with 15 year fixed mortgage rates. There was obviously very good reasons to finish paying the loan off early. It took some time but we finally decided to go ahead with the 30 year mortgage plan.

We found it easier reaching this conclusion when I learnt I was expecting a baby. My regular monthly income would become unreliable because I wanted to be at home raising our child. The downside to the 15 year fixed mortgage rate was the higher monthly repayment. We just decided we would probably get into trouble if we took this route. We found that the monthly repayments on a 30 year loan were more manageable.

We also make extra payments throughout the year to make the principal shrink quicker. To our surprise we also discovered that we could knock years off our loan by doing this. Although this isn’t easy to achieve, in the long term it is well worth it. Although we would have preferred the loans with 15 year fixed mortgage rates we had to take our needs and abilities into consideration.

Things worked out well anyway.

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