Choosing between a 15-year and 30-year refinance depends largely on your monthly budget and long-term goals. A 15-year mortgage typically requires higher monthly payments but can allow you to repay the balance faster and potentially pay substantially less interest over the life of the loan. A 30-year mortgage generally provides a lower monthly payment, which may offer more flexibility for other expenses, savings, or investments. The right choice also depends on how many years remain on your current mortgage. Restarting a new 30-year term can extend your repayment period considerably. You can compare the estimated payments using a 15-year mortgage calculator and a 30-year mortgage calculator. Compare both the monthly payment and total interest rather than choosing solely based on the lower payment.
