[Qryus]

rate? So in general 30 yr fixed rate is lower than 15 yr. If I was planning to pay off the mortgage in 15 years anyway, would it make sense to get a 30 yr mortgage at a lower rate and pay it off in 15 years? what's the catch? Would I end up paying more or less? please help me understand, thanks.

[cdabexx]

About 16 years ago I refinanced my house to a 15 year loan as the rates were low then. I ended up paying 20 to 25 dollars a month more for 1/2 as many years. There is that much interest involved in a 30 year loan. I would never get a 30 year loan after that experience.

[bartsimp]

15 year loans have been more popular in europe. Now that U.S. banks are more skittish about giving loans, they've been more interested in promoting 15-year loans since they are on the hook for a shorter amount of time.