15-Year Fixed-Rate: This shorter-term mortgage will save you
a significant amount of interest over the life of the loan. By paying
off the mortgage more quickly, you also build up equity in your home
sooner. This may be important if you are approaching retirement or have
other large expenses to cover, such as financing your children's education.
However, the monthly payments you make on a 15-year mortgage will cost
you more than those you would make on a 30- or 20-year loan.