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. Most people that buy a home later in life want to have the mortgage paid off as soon as possible. Although before signing any documents, there are many things to consider.

It is important to remember that you want to make sure that the interest rate doesn’t change over the course of the loan. If you are offered a deal that appears to be too good to be true than it probably is. Loans that have 15 year fixed mortgage rates maintain the same amount of interest throughout 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.

Our aim was to pay of the mortgage as soon as we could without getting into trouble 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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The 15 year fixed mortgage rate was the plan we really wanted because neither of us wanted to be still paying a mortgage when we close to retiring. We were worried about the emphasis placed on early completion of the mortgage. 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. 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 simply didn’t want to get in over our heads. The 30 year loan repayments were considerably lower than the 15 year figures.

Being able to make additional lump sum payments during the year means the outstanding loan reduces faster. My making just a few of these payments each year we discovered that year’s could be taken off the mortgage term. This takes some discipline but it is well worth it 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.

All things considered, it all worked out for the best.

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