Arizona State University: What tradeoff does CFPB identify for a 15-year mortgage?

DIRECT ANSWER

Source guidance recorded on 2026-10-15. Confirm the applicable policy year, cohort and property jurisdiction before relying on time-sensitive facts. This is general U.S. financial or tax educational guidance from the cited authority; school-specific eligibility, loan terms and an individual tax outcome are not established.

CFPB says a shorter term generally has a lower rate and higher monthly payment, while more of the payment builds equity and less goes to interest.