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. Since many of us are buying homes later in life we would like to have the house 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. This means that they actually are too good to be true. Loans that have 15 year fixed mortgage rates maintain the same amount of interest throughout the life of the loan. This is beneficial for any of us who don’t like surprises. My husband and I looked into the loans available with 15 year fixed mortgage rates when we were looking at home 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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No-one likes the idea of having a mortgage when they are close to retirement, and we were no different, so it was still our hope that a 15 year fixed mortgage rate plan would still be an option. 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. My regular monthly income would become unreliable because I wanted to be at home raising our child. The financial commitment per month on the 15 year fixed mortgage rate was just too high. 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.

Making a few additional lump sum payments during the year helps bring down the amount owed. We also found that we were reducing the number of years left on the mortgage by making these payments. In the long term, this is a strategy well worth pursuing. 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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