High-interest rates can be hard to swallow. But does that mean you shouldn’t buy a house? Is there ever a time when a 30-year mortgage is better than a 15-year mortgage?

On a $300,000 mortgage, the interest savings (with a 15-year mortgage) are $127,000 over the life of the loan. Yes, you read that right. You can save a staggering amount of money simply by going with a 15-year fixed instead of the more commonplace 30-year fixed. Aside from saving a boatload of cash, you also own more of your home a lot faster. Shawn shares more on this topic in today's podcast.

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Can't Afford 15-year Mortgage? Then Don't Buy That House 05:46 Share

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Can't Afford 15-year Mortgage? Then Don't Buy That House