Since the monthly payments are higher, banks expect a higher income for a 15 yr vs. a 30-year mortgage.
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If the interest rate of your mortgage is lower than your alternative investments, you are mathematically not optimizing your money.
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This is why some people argue that you should never make extra payments on your mortgage, as you can spend your money more efficiently in other places, like investing in stocks or real estate investments.
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The reason is the lower interest rate for the 15-year mortgage.
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The biggest reason that most people ultimately select a 30-year mortgage is that it results in lower monthly payments.
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Astute readers must wonder if they should sign up for a 30-year mortgage instead of a 15-year and invest the difference between the lower and the higher monthly payment.
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The past fifteen years have seen near record-lows in mortgage rates, leading many to have a very low-interest rate loans.
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The higher the interest rate, the higher your monthly payments will be to pay off the loan over a 15 or 30-year period.
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