Under certain situations, a 15 year mortgage will be more beneficial than a 30 year mortgage.

15 Year Mortgage Benefits

• Earlier loan payoff
• Less interest paid over the life of the loan
• Lower interest rate
• Build equity in your home faster

30 Year Mortgage Benefits

• Best if you plan to live in your home for only a few years
• Lower monthly payment

Here's a comparison for a 15 vs 30 year loan.

	15 Year Loan	30 Year Loan
Loan Amount	100,000	100,000
Interest Rate	6%	6%
Monthly Payment	$844	$600
Interest Paid	$51,893	$115,838
Interest Savings	$63,945
Note: 15 year loans normally have a lower interest rate which would increase the interest savings even more.