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. 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. There are always things to take into account before signing documents. Ensuring the repayment remains the same throughout the mortgage term is very important.

It is not uncommon to see lenders offering deals that are too good to be true. Interest rates remain the same throughout the life of the loan for 15 year fixed rate mortgages. This is of great benefit for anyone that does not like surprises. When my wife and I were looking at homes for sale we decided to check out the various loans available with 15 year fixed mortgage rates.

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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. When we considered fixed rate mortgages we also looked into even longer term loans that spanned 30 years as well. 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 stress to pay the house off early.

Taking everything into account we finally went for the easier 30 year mortgage plan instead. Reaching the decision we did was the only one that made sense. Finding out my wife was having a baby made making the choice so much easier! My wife’s contribution to the monthly finances would be unreliable since she intended to raise our child at home. Our monthly payment would have been too high if we had committed ourselves to the 15 year fixed mortgage plan. We knew that it just wasn’t an option and the risk was too great. After looking at the much lower amount we would be paying per month with a 30 year mortgage loan, there wasn’t any option but to go with it.

During the year we can make additional payments which helps to reduce the amount owed. To our surprise we also discovered that we could knock years off our loan by doing this. 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. Anyway, everything worked out fine despite our hesitancy.

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