What is the primary disadvantage of a 15-year mortgage compared to longer mortgage terms?

A 15-year mortgage typically comes with higher monthly payments compared to longer mortgage terms like a 30-year mortgage. This is primarily due to the shorter repayment period; since the total loan amount must be repaid over a shorter time frame, the monthly installment is significantly larger. Although a 15-year mortgage often has a lower interest rate than a longer-term mortgage and may result in less total interest paid over the life of the loan, the downside for many borrowers is the higher monthly payment which can strain monthly budgets and limit financial flexibility.

Longer mortgage terms generally spread the repayment over a more extended period, leading to lower monthly payments, even if they result in higher total interest paid over time. Thus, for individuals weighing their monthly cash flow, the higher monthly payments of a 15-year mortgage are often seen as a primary disadvantage.