<prompt> Human: Hi all, I want to ask this question here before I end up in front of a banker or broker who most certainly does not have my best interests as priority number one they want to close a loan deal. In comparing a 15 year mortgage with a 30 year mortgage the difference in interest payments is staggering. However...I get why the 30 year seems more attractive, because it is more manageable payment. My question is; if I added a payment each month on a 30 year note equal to what a 15 year note would cost, Id be paid off in 15 years and be no worse off; however if there was an unforseen life event that put a strain on household cash flow, I would be able to throttle back to the more manageable payment of the 30 year note. Recognizing that there are a lot of smart, savvy, and unbiased or at least unattached to my situation people here I ask you to ELI5 just a little the pros and cons of taking a 30 year mortgage but paying it as if it were a 15 year.  <response>: As youve stated, the advantage of the 30 year mortgage is a lower required payment.The advantage of a 15 year mortgage is slightly better rates typically.If you can afford the 15 year payment, its up to you to decide whether the cash flow flexibility is worth the slightly higher rate. 