15 vs 30-Year Mortgage Arizona 2026 | Roadrunner AZ
One of the most fundamental decisions a homebuyer in Arizona makes is choosing the loan term. The two most common options, a 15-year and a 30-year fixed-rate mortgage, offer very different paths to homeownership. Understanding the trade-offs is key to aligning your mortgage with your financial goals.
The 30-Year Mortgage: Lower Payments, More Flexibility
The 30-year mortgage is the most popular choice for a reason: it offers the lowest possible monthly payment. By spreading the loan payments over 360 months, it provides maximum affordability and frees up your cash flow. This is often the ideal choice for first-time homebuyers or those who want to keep more cash on hand for other investments or expenses.
The 15-Year Mortgage: Build Equity Faster, Save on Interest
A 15-year mortgage comes with a higher monthly payment, but it offers two powerful long-term benefits. First, you'll build equity in your home at a much faster rate. Second, and most significantly, you will pay substantially less in total interest over the life of the loan—often saving you tens of thousands of dollars. Interest rates on 15-year loans are also typically lower than those for 30-year loans.
How to Choose?
The right choice depends on your financial priorities. If your primary goal is the lowest possible monthly payment, the 30-year mortgage is the clear winner. If your goal is to build wealth, pay off your home faster, and achieve the lowest long-term cost, the 15-year mortgage is the more powerful financial tool. We can run scenarios for both options to give you a clear, side-by-side comparison.
Ready to compare your options? Try our Mortgage Calculator for a quick estimate, or apply for a pre-approval to get a personalized analysis from me, Jonathan Moses.
Jonathan Moses
Senior Loan Officer | NMLS #2064741
This guide was prepared by Jonathan Moses (NMLS #2064741), the senior loan officer and founder of Roadrunner AZ Lending. With years of experience in the Phoenix and Scottsdale markets, Jonathan is dedicated to providing expert, transparent advice. Learn more about Jonathan.