For both, as we show you in this video, compared with other options with fixed rates, housing costs won’t be affected by interest rate changes and inflation.
With A 30-Year Term: In the first 23 years of the loan, more interest is paid off than principal – meaning larger tax deductions. As inflation and costs of living increase, mortgage payments become a smaller part of overall expenses.
With A 15-year Term, the loan is usually made at a lower interest rate. Equity is built faster because early payments pay more principal. And, the loan is paid off earlier.
Compare payments, principal, and interest totals to make a decision.