The monthly repayments for 30 year or 15 year fixed mortgage are just one important consideration for many people who are looking to buy a home. A large number of people nowadays have decided to wait and are buying homes later but they also want to pay off their mortgage early. Of course, there are many things to consider before signing any papers.

One point to remember, is ensuring that your monthly mortgage repayment remains the same throughout the period of the loan. This means that they actually are too good to be true. A 15 year fixed rate mortgage means the interest rate remains fixed for the life of the loan. There are no hidden surprises which is great for many people that want a regular monthly payment. When my husband and I were looking at homes for sale we decided to look into the various loans available with 15 year fixed mortgage rates.

Having a realistic, sustainable monthly payment on our mortgage was important even though we wanted to pay off our debt as soon as possible. So in consideration of this point we also looked at longer, 30 year fixed mortgage rates 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. It wasn’t easy for us because of the pressure to pay the house off early. However, after taking everything into consideration we chose a 30 year loan instead.

There were many things that lead us to this decision, but the main one was that I found out I was having a baby. I was going to raise our child from home so my contribution to the monthly income would be unreliable. Loans that had 15 year fixed mortgage rates required a higher monthly payment. We just decided we would probably get into trouble if we took this route. 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. Those few extra payments also help reduce the number of years you have to pay the loan over. This is well worth it in the long term but it does require some discipline. 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.

But in retrospect, everything worked out ok in the end.

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