Commonly I get  questions regarding 25 vs 30 year mortgages. Because a 15 year mortgage gets a better rate, is it best to get get a 15 year mortgage?  Here are some of the facts to consider.  A 15 a year mortgage locks you into a set payment. With a 30 year mortgage you can make extra payments which will decrease the number of years of mortgage payments, but you need self discipline to actually make the payments. You really have to look yourself in the mirror to answer this question. By obliging in a 15 year mortgage you are investing in real estate, perhaps leaving less for other investments. It all depends on your financial outlook.