One of the things that many people are wondering about right now is whether or not a 15 year mortgage is a good idea for them. The interest for 15 year mortgages stems from the fact that mortgage interest rates on these loans is often quite low — still below 5% right now.

A 15 year mortgage loan can save you thousands, or even tens of thousands, on home mortgage loan interest payments over the life of the loan. The downside, though, is that you often have to pay more per month in order to get 15 year mortgage. With the mortgage payments spread out over only half the time as a 30 year mortgage, it is difficult to get lower payments. As a result, you have to be sure that you can afford the payments on a 15 year mortgage.

Another solution to the issue may be to get a 30 year loan, and then pay extra on it each month, as if you were making payments on a 15 year loan. You won’t have as much going to the principal, but you will still be reducing the principal, and paying less money in the long run. And it gives you some breathing room in case something changes in your financial situation. If a payment on a 15 year mortgage would put you at your limit, you should consider getting a 20 year or 30 year loan instead. That breathing room may be important.