A 15 year fixed-rate mortgage offers a lower interest rate than a 30 year or a 20 year mortgage and will save you a significant amount of interest over the life of the loan. You build equity in your home quicker which will allow you to move to a more expensive home sooner. Monthly payments are higher but the loan amount pays off quickly so you pay less interest over the life of the loan. Although a 15 year loan is 1/2 as long as a 30, the payments are not double but because you usually get a lower interest rate and because of how interest compoundeds.  If you are nearing retirement a shorter term loan may be of interest to you as it will allow you to be done with your mortgage and live debt free after you stop working.