To ensure you receive the best service possible,
please enter your zip code below:
A mortgage is likely the largest—and longest—loan you’ll take out in your life. But just how long should it be? There is much to consider in the 15- vs. 30-year mortgage debate. Explore what each option has to offer and decide which is the right choice for you.
15 year: Since you are borrowing money for less time, you’ll pay a lot less interest over the life of the loan. Plus, you typically will get a lower interest rate.
30 year: Spread out over a longer time, these loans have lower monthly payments—which could help you qualify for a higher-priced home.
15 year: You’ll have higher monthly payments than with a 30-year loan for the same amount. Payments too high? You may have to settle for less house or a longer loan.
30 year: After a few years, you’ll have less equity built up than if you’d been making the higher payments of a 15-year loan. You’ll also end up paying more interest over time.
Find out how your down payment affects your monthly payment.
Learn more15 year: As you get closer to retirement, a 15-year mortgage that you can pay off before you stop working may be a smart choice.
30 year: You can pay your loan off sooner by paying extra each month—and you can go back to the lower payment when you need to.
Get help navigating the mortgage options offered by AAA to find the right one for you.
Banking Products are offered by Grasshopper Bank, N.A. Member FDIC Equal Credit Opportunity Lender. Member FDIC logo AAA-Member Verification & Product Eligibility By applying for a AAA Banking deposit account, you acknowledge and agree that if you select a AAA-member product, your AAA membership status with Auto Club Group (ACG) will be validated at the time of account opening and periodically thereafter. If your AAA membership cannot be validated or your membership status changes, your account may be moved to a non-member product with different terms, including but not limited to a lower Annual Percentage Yield (APY) and the removal of other AAA member-only benefits. If this occurs, you will receive a notification regarding the change in the product and applicable terms. If you believe your AAA Membership status was incorrectly validated or that you have been placed in the incorrect product, please contact us to review and correct your status. AAA Cashback Visa Signature® Card is issued by U.S. Bank NA dba ACG Card Services, pursuant to a license from Visa USA Inc. Equal Credit Opportunity Lender Will need L&C final approval.
