Quote Originally Posted by Derrick View Post
Switching from a 30 year mortgage to a 15 year? Switching can be a wise choice to become financially independent more quickly. You will pay slightly more each month, but over time you pay much less in interest than you would with a 30 year mortgage. If a family can afford it, what do you think about this strategy?
15 year loans have higher payments, but less interest. On the other hand, 30 year term loans have lower monthly payments but higher interest rates. If your family can afford it and you can still meet your retirement and other saving goals then I think it you can switch to 15 year mortgage.