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. Of course the goal for most people with a mortgage is to pay it off early and save themselves a great deal of money in interest repayments. It may take some time to reach a decision as there are many things to contemplate. A homeowner should pursue, wherever possible, a mortgage with a guaranteed interest rate.

It seems that some lenders are happy to offer deals that appear too good to be true and they usually are. For loans that have 15 year fixed mortgage rates, the same amount of interest is maintained throughout the life of the loan. The greatest benefit with this type of agreement is that there are no sudden unexpected amounts to pay. Both my wife and I decided to research fixed rate mortgages when we started looking at homes for sale.

It was always our intention to clear our mortgage debt as early as we could but we did not want to over extend ourselves at the same time. When we considered fixed rate mortgages we also looked into even longer term loans that spanned 30 years as well. Still, having a mortgage close to retirement was not what we were looking for, so we decided to try for a loan with a 15 year fixed mortgage. We felt that there was a great deal of emphasis on paying the mortgage off early.

Taking everything into account we finally went for the easier 30 year mortgage plan instead. There are always a number of points to think about when a decision like this has to be made. The most important point was the fact I discovered my wife was having a baby. As she intended to raise our child at home we could not rely on her financial income to the monthly expenditure. 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 just decided we would probably get into trouble if we took this route. After looking at the much lower amount we would be paying per month with a 30 year mortgage loan, there was not any option but to go with it.

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. It may be easier said than done, but this approach does pay off eventually. We would have much preferred to have taken out a loan with a 15 year fixed mortgage rate but we had to consider our other commitments as well. All things considered, it all worked out for the best in the end.

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