Moving from a 30-year mortgage to a 15-year mortgage typically increases the monthly payment because you’re repaying the same principal over fewer months, but it dramatically reduces the total interest paid across the life of the loan. The math is simple conceptually: shorter amortization compresses payments so each payment contains a larger principal portion and interest accrues for a shorter time. For borrowers who can afford the higher monthly payment, a 15-year mortgage often yields meaningful long-term savings — sometimes tens of thousands of dollars in interest — and accelerates the date on which you own the property outright. The trade-off is monthly cash flow: the higher payment might limit other goals like saving for college or maintaining a robust emergency fund.

Practical considerations include: if your cash flow is tight, a 15-year loan could be risky despite lower total interest because it reduces financial flexibility; conversely, if your goal is to retire debt early and you have stable income, the interest savings can justify the higher payment. Also consider refinancing options: some borrowers start with a 30-year mortgage and make extra principal payments to emulate the 15-year payoff pattern while keeping the option to reduce voluntary prepayments if needed. Finally, compare APRs and fees across loan products — a slightly lower rate on a shorter term magnifies the benefit, but closing costs and lender fees should be compared against interest savings. Choosing term length is a personal balance between cash flow and long-term cost minimization.