04/02/2026
I’ll say something I don’t usually say…I actually agree with Dave Ramsey on one thing:
15-year mortgages are the best.
Where I disagree is the all-or-nothing approach.
Telling people not to buy a home unless they can afford a 15-year loan just doesn’t fit today’s market. For most buyers right now, a 30-year mortgage is the only realistic option. And if they followed his advice they’d rent forever.
I bought my first home in 2012 on a 30 year and refinanced into a 15-year a year and 1/2 later because the payment made sense. It was close to what rent would’ve been anyway.
Fast forward to 2020 — sold for $300K and only owed $120K. This help put us in a great position for our new home.
Banks prefer 30-year loans — there’s more interest over time, and it’s front-loaded.
But 15-year loans are what really change people’s future positions.
I wish I could put more people into 15 year loans, but the reality is, in today’s market, a 30-year often makes the most sense upfront.
But, If you can start with a 30-year and later transition into a 15-year— whether through lower rates, removing PMI, or improved income — you can significantly accelerate your equity and better position your future.
That’s the part most people don’t think about.
Rates shown are for illustrative purposes only and are not current market rates. Payment examples are estimates and do not include taxes, insurance, or HOA. Actual terms will vary.
