Question: what the difference between a 15 and 30 year mortgage?
Answer: 15-Year vs. 30-Year Mortgage: What's the Difference? Simply put, a 30-year mortgage will be paid off in 30 years, while a 15-year mortgage will be paid off in 15 years. ... Because a 30-year mortgage has a longer term, your monthly payments will be lower and your interest rate on the loan will be higher.