Mortgages: 15 Year Fixed vs. 30 Year Fixed Prepayment?

posted by   ruchir (1089)   24 months ago (www.mymoneyblog.com)

The general consensus seems like if you can afford a 15-year fixed mortgage, you should go for it. The interest rate will be lower, you own your home in half the time, and the payments aren’t actually that much higher (definitely not double). But what if you just took a 30-year fixed mortgage and had the discipline to pay enough extra each month to equal the 15-year payment? Would you really be that far behind? The results surprised me.