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. Of course, there are many things to consider before signing any papers.

Over the course of the loan, it’s important to remember to make sure the interest rate doesn’t change. It seems that some lenders are happy to offer deals that appear too good to be true and they usually are. The interest rate remains the same for fixed rate mortgages over the life of the loan. This is beneficial for any of us who don’t like surprises. We had already decided to research long term fixed mortgage rates when we started looking at homes for sale.

Having a realistic, sustainable monthly payment on our mortgage was important even though we wanted to pay off our debt as soon as possible. In addition to considering loans with 15 year fixed mortgage rates we also looked into loans that spanned 30 years as well.

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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. There was obviously very good reasons to finish paying the loan off early. We thought about it long and hard and Despite the pressure we decided to go with the 30 year loan plan.

We found it easier reaching this conclusion when I learnt I was expecting a baby. I decided I wanted to raise my child at home so I couldn’t be certain of my monthly financial contribution to our household expenses. The problem we could see was the increased financial commitment on a monthly basis if we had opted for the 15 year fixed mortgage rate. We could see the financial problem of getting in too deep. Despite the trepidation of having a longer term loan, it did reduce the repayments considerably.

We found that if we could make a few extra payments throughout each year then it would gradually reduce the principle sum owed. It is possible to take years off your loan if you can make a few extra payments during each year. Difficult this may be, but well worth the effort in the long run. It was hard going against our preference for a shorter term fixed rate mortgage but we had to think about more immediate needs and abilities.

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

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