<prompt> Human: Im about to close on a house with a 30-year loan. Last week I got a large raise at work and could now possibly afford a 15-year loan instead.If I pay X amount of dollars extra each month on my mortgage, can I essentially get the same savings, in the long run, as if I were to switch over to a 15-year load? Id prefer to stick with the 30-year just so that I dont have to pay a larger mortgage in case something comes up down the road and my funds lessen.EDIT: A 2nd question: If I want to pay 5,000 extra each year toward my mortgage, do I have to space that money out monthly throughout the year or can I simply pay an extra 5,000 on my mortgage bill in December?  <response>: It would be slightly cheaper to refinance to a 15 year if the interest rate is lower. That being said your current plan is much safer, and you pay a little more for the flexibility of not being locked into the higher payment. If you are disciplined and will pay the extra 5k each year, you will save a lot of money in interest.You can make one time annual payments, 12 a year, 6 a year, or space however you like. The bank or loan servicer will ALWAYS take your money as long as there is no prepayment penalty on the loan. The prepayment language should be somewhere on your monthly mortgage statement. 