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. 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. Steer clear of lenders that are offering unbelievable deals because they probably are. The interest rate remains the same for fixed rate mortgages over the life of the loan. If you are someone that wants a loan with a regular fixed repayment and no surprises then this is the main benefit with this type of agreement. My husband and I looked into the loans available with 15 year fixed mortgage rates when we were looking at home for sale.

Even though it was important for us to pay off our loan at the earliest possible opportunity, we didn’t want high, unrealistic monthly payments which we would have trouble maintaining. 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. We were worried about the emphasis placed on early completion of the mortgage. However, after taking everything into consideration we chose a 30 year loan instead.

Discovering I was having a baby was the clincher, although this wasn’t the only reason we reached this decision. My regular monthly income would become unreliable because I wanted to be at home raising our child. Loans that had 15 year fixed mortgage rates required a higher monthly payment. For us it just wasn’t feasible as we would just be in over our heads. We found that the monthly repayments on a 30 year loan were more manageable.

During the year we can make additional payments which helps to reduce the amount owed. By doing this you can also reduce the term of the mortgage by years. Difficult this may be, but well worth the effort in the long run. Taking our needs and abilities into account was more important than our desire for a shorter term mortgage plan.

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

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