With a 15-year fixed-rate mortgage, you will pay less than half the total interest cost of the traditional 30-year mortgage. A 15-year fixed-rate mortgage allows you to completely own your home in 15 years. While the monthly payments are somewhat higher than a 30-year loan, a 15-year mortgage’s interest rate is usually a little lower.That being said, if you can’t afford the higher monthly payment of a 15-year mortgage, you’re not alone—many borrowers choose a 30-year mortgage because they find the higher payment out of reach. That’s why, for most people, it still makes sense to go with a 30-year mortgage.