What's the difference between a 30-year and 15-year mortgage?

A 15-year mortgage has a higher monthly payment and usually costs less in total interest. A 30-year mortgage has a lower monthly payment and more flexibility, but you pay more interest over time. The 15-year loan also comes with more risk if you ever pause your job or can't meet your obligations. That's when a 30-year loan makes more sense as a risk reducer, and you can make extra payments to shorten the loan. Your lender can show you both side by side.