A 15-year mortgage costs far less in total interest than a 30-year loan because interest is front-loaded. Early payments go mostly to interest, but principal paydown accelerates after the halfway point. Review your amortization schedule monthly to see the real cost of borrowing.
When I'm looking at a mortgage timeframe with a buyer, I'm always going to encourage them to go shorter if they can suck it up, because a 15-year note means you're paying less interest over time because you have the note for a shorter amount of time. You'll pay some front-end loaded interest, then you're going to start chunking away at it. And hopefully if you get really dedicated, you can have it paid off in 10 or 12 years. If you have a 30-year note, If you start looking at that amortization schedule, which y'all don't look at and you totally should, go look at what's in your lender package, that amortization schedule. Look every month at how much of your note you're paying down. It's like a dollar in the first year. Year 2, it might be $2. By the time you get to year 15, you're making real progress on that note, and that's the halfway mark. You got to realize, y'all, there is a cost to borrowing money, and those are real dollars that you're
