--- title: "Meaning & Key Takeaway of: Consider a 15- or 20-year fixed-rate…" description: "\"Consider a 15- or 20-year fixed-rate mortgage instead of a 30-year, if you can afford the monthly payments - they may not be as high as you think.\" — S..." image: "https://sms4smile.com/quotes/i/ae5/suze-orman-1007_fixed_consider-a-15-or-20-year-fixed-rate-mort_30941.png" --- # Consider a 15- or 20-year fixed-rate mortgage instead of a… ![“Consider a 15- or 20-year fixed-rate mortgage instead of a 30-year, if you can afford the monthly payments - they may not be as high as you think.” quote by Suze Orman](https://sms4smile.com/quotes/i/ae5/suze-orman-1007_fixed_consider-a-15-or-20-year-fixed-rate-mort_30941.png) [Download](https://sms4smile.com/quotes/i/ae5/suze-orman-1007_fixed_consider-a-15-or-20-year-fixed-rate-mort_30941.png) [Open image](https://sms4smile.com/quotes/i/ae5/suze-orman-1007_fixed_consider-a-15-or-20-year-fixed-rate-mort_30941.png) > “Consider a 15- or 20-year fixed-rate mortgage instead of a 30-year, if you can afford the monthly payments - they may not be as high as you think.” [Suze Orman](https://sms4smile.com/quotes/author/suze-orman/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Shorter fixed-rate mortgages reduce total interest paid and can be affordable if monthly cash flow permits. **In simple terms:** Choose a shorter loan term to save on interest. Key Takeaway Shorter terms lower overall cost. Themes personal finance mortgage strategy interest savings budgeting Mood pragmatic cautious optimistic Type advice financial tip educational When to use this quote - first-time homebuyer evaluating options - homeowner refinancing to a shorter term - budget planning for mortgage payments Key Concepts fixed-rate loan payment affordability loan term selection Practical Applications - financial planning - mortgage counseling Questions to Reflect On - How does a shorter term affect long‑term financial goals? - What cash‑flow adjustments are needed for higher monthly payments? ★ ★ ★ ★ ★ No ratings yet [Afford Monthly](https://sms4smile.com/quotes/about/afford-monthly-426458/) [Fixed](https://sms4smile.com/quotes/about/fixed/) [Fixed Rate](https://sms4smile.com/quotes/about/fixed-rate-426459/) [May](https://sms4smile.com/quotes/about/may/) [Mortgage](https://sms4smile.com/quotes/about/mortgage/) [Mortgage Instead](https://sms4smile.com/quotes/about/mortgage-instead-426456/) [Payment](https://sms4smile.com/quotes/about/payment/) [Rate](https://sms4smile.com/quotes/about/rate/) [Rate Mortgage](https://sms4smile.com/quotes/about/rate-mortgage-426457/) [Thinking](https://sms4smile.com/quotes/about/thinking/) [Years](https://sms4smile.com/quotes/about/years/) ## Related quotes > [Opt for a fixed-rate rather than an adjustable-rate mortgage.](https://sms4smile.com/quotes/suze-orman/opt-for-a-fixed-rate-rather-than-an-adjustable-rate-mortgage/) [Suze Orman](https://sms4smile.com/quotes/author/suze-orman/) > [You know what higher interest rates mean. To you it means a higher mortgage payment, a higher car payment, a higher credit card payment.…](https://sms4smile.com/quotes/william-j-clinton/you-know-what-higher-interest-rates-mean-to-you-it-means-a-higher/) [William J. Clinton](https://sms4smile.com/quotes/author/william-j-clinton/) > [In the old days, when you took out a mortgage, it was probably through a local bank or a credit union, and whoever gave…](https://sms4smile.com/quotes/matt-taibbi/in-the-old-days-when-you-took-out-a-mortgage-it-was-probably-through/) [Matt Taibbi](https://sms4smile.com/quotes/author/matt-taibbi/) > [Potential home buyers have a two-step decision process. First, they determine whether they can afford to make a purchase - does their income safely…](https://sms4smile.com/quotes/mark-zandi/potential-home-buyers-have-a-two-step-decision-process-first-they/) [Mark Zandi](https://sms4smile.com/quotes/author/mark-zandi/) > [In a forbearance, the homeowner pays interest and principal on a smaller mortgage, at least for a time, but still owes the full amount.…](https://sms4smile.com/quotes/mark-zandi/in-a-forbearance-the-homeowner-pays-interest-and-principal-on-a/) [Mark Zandi](https://sms4smile.com/quotes/author/mark-zandi/) > [Debt is so ingrained into our culture that most Americans can't even envision a car without a payment ... a house without a mortgage…](https://sms4smile.com/quotes/dave-ramsey/debt-is-so-ingrained-into-our-culture-that-most-americans-can-t-even/) [Dave Ramsey](https://sms4smile.com/quotes/author/dave-ramsey/) > [Owning your own home is America's unique recipe for avoiding revolution and promoting pseudo-equality at the same time. To keep citizens puttering in their…](https://sms4smile.com/quotes/florence-king/owning-your-own-home-is-america-s-unique-recipe-for-avoiding/) [Florence King](https://sms4smile.com/quotes/author/florence-king/) > [The aim of promoting low down payments is to push prices back up so that fewer houses are going to be in negative equity…](https://sms4smile.com/quotes/michael-hudson/the-aim-of-promoting-low-down-payments-is-to-push-prices-back-up-so/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [We can't suddenly quit a job and then race to find a form of art that will pay off before the next mortgage payment…](https://sms4smile.com/quotes/seth/we-can-t-suddenly-quit-a-job-and-then-race-to-find-a-form-of-art-that/) [Seth](https://sms4smile.com/quotes/author/seth/) > [I realized I didn't need to go to work every day. I could work for the pleasure and the challenge, not for the mortgage…](https://sms4smile.com/quotes/chris-gabrieli/i-realized-i-didn-t-need-to-go-to-work-every-day-i-could-work-for-the/) [Chris Gabrieli](https://sms4smile.com/quotes/author/chris-gabrieli/) > [What does a man need - really need? A few pounds of food each day, heat and shelter, six feet to lie down in…](https://sms4smile.com/quotes/sterling-hayden/what-does-a-man-need-really-need-a-few-pounds-of-food-each-day-heat/) [Sterling Hayden](https://sms4smile.com/quotes/author/sterling-hayden/) > [Riskier mortgage lending practices, imposed by government, were what set the stage for many mortgage payments to stop and thus for the financial disasters…](https://sms4smile.com/quotes/thomas-sowell/riskier-mortgage-lending-practices-imposed-by-government-were-what/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) > [There is no better way to quickly buoy hard-pressed homeowners than helping them take advantage of the currently record low fixed mortgage rates and…](https://sms4smile.com/quotes/mark-zandi/there-is-no-better-way-to-quickly-buoy-hard-pressed-homeowners-than/) [Mark Zandi](https://sms4smile.com/quotes/author/mark-zandi/) > [In the past, if a homeowner with a mortgage had a problem making the payment, often he'd get together with a lender and strike…](https://sms4smile.com/quotes/henry-paulson/in-the-past-if-a-homeowner-with-a-mortgage-had-a-problem-making-the/) [Henry Paulson](https://sms4smile.com/quotes/author/henry-paulson/) > [I've never been very fully employed either but just think of what it's like, you know, to go home with a mortgage payment you…](https://sms4smile.com/quotes/warren-buffett/i-ve-never-been-very-fully-employed-either-but-just-think-of-what-it/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) ## More by Suze Orman > [I've never believed unemployment numbers because the way that they calculate unemployment makes no sense whatsoever. It's not how many people are unemployed. It's…](https://sms4smile.com/quotes/suze-orman/i-ve-never-believed-unemployment-numbers-because-the-way-that-they/) [Suze Orman](https://sms4smile.com/quotes/author/suze-orman/) > [Never invest emergency savings in the stock market.](https://sms4smile.com/quotes/suze-orman/never-invest-emergency-savings-in-the-stock-market/) [Suze Orman](https://sms4smile.com/quotes/author/suze-orman/) > [Just because you can afford it doesn't mean you should buy it.](https://sms4smile.com/quotes/suze-orman/just-because-you-can-afford-it-doesn-t-mean-you-should-buy-it/) [Suze Orman](https://sms4smile.com/quotes/author/suze-orman/) > [Your goal should be to pay off your credit card bills in full at the end of each month and set aside money toward…](https://sms4smile.com/quotes/suze-orman/your-goal-should-be-to-pay-off-your-credit-card-bills-in-full-at-the/) [Suze Orman](https://sms4smile.com/quotes/author/suze-orman/) > [Believing you are worthy of love means that you believe I deserve to be treated well - with respect and dignity. I deserve to…](https://sms4smile.com/quotes/suze-orman/believing-you-are-worthy-of-love-means-that-you-believe-i-deserve-to/) [Suze Orman](https://sms4smile.com/quotes/author/suze-orman/) > [Women fake orgasms and men fake finances.](https://sms4smile.com/quotes/suze-orman/women-fake-orgasms-and-men-fake-finances/) [Suze Orman](https://sms4smile.com/quotes/author/suze-orman/) > [If you're not staying on top of your money, you are putting your financial well-being at risk.](https://sms4smile.com/quotes/suze-orman/if-you-re-not-staying-on-top-of-your-money-you-are-putting-your/) [Suze Orman](https://sms4smile.com/quotes/author/suze-orman/) > [When you understand that your self-worth is not determined by your net-worth, then you'll have financial freedom](https://sms4smile.com/quotes/suze-orman/when-you-understand-that-your-self-worth-is-not-determined-by-your/) [Suze Orman](https://sms4smile.com/quotes/author/suze-orman/) > [ I think Oprah's \[winfrey\] learned from me that it's OK to be harsh on people because in one's harshness you can see transformation happen… ](https://sms4smile.com/quotes/suze-orman/i-think-oprah-s-winfrey-learned-from-me-that-it-s-ok-to-be-harsh-on/) [Suze Orman](https://sms4smile.com/quotes/author/suze-orman/) > [No well-planned retirement should be without long term care insurance. It is the very cornerstone of retirement security.](https://sms4smile.com/quotes/suze-orman/no-well-planned-retirement-should-be-without-long-term-care-insurance/) [Suze Orman](https://sms4smile.com/quotes/author/suze-orman/) > [The chances of a bank going out of business are extremely slim, but it's always a good idea to spread around major sums so…](https://sms4smile.com/quotes/suze-orman/the-chances-of-a-bank-going-out-of-business-are-extremely-slim-but-it/) [Suze Orman](https://sms4smile.com/quotes/author/suze-orman/) > [True generosity is an offering; given freely and out of pure love. No strings attached. No expectations. Time and love are the most valuable…](https://sms4smile.com/quotes/suze-orman/true-generosity-is-an-offering-given-freely-and-out-of-pure-love-no/) [Suze Orman](https://sms4smile.com/quotes/author/suze-orman/) > [Be as good to yourself as you are to those you love.](https://sms4smile.com/quotes/suze-orman/be-as-good-to-yourself-as-you-are-to-those-you-love/) [Suze Orman](https://sms4smile.com/quotes/author/suze-orman/) > [I'm a big advocate of a work-for-pay setup rather than an allowance that isn't attached to chores - it's a great way to impart…](https://sms4smile.com/quotes/suze-orman/i-m-a-big-advocate-of-a-work-for-pay-setup-rather-than-an-allowance/) [Suze Orman](https://sms4smile.com/quotes/author/suze-orman/) > [I have never been a fan of bond funds. Unlike a direct investment in an individual bond that you can hold to maturity and…](https://sms4smile.com/quotes/suze-orman/i-have-never-been-a-fan-of-bond-funds-unlike-a-direct-investment-in/) [Suze Orman](https://sms4smile.com/quotes/author/suze-orman/) [Explore all 309 Suze Orman quotes ](https://sms4smile.com/quotes/author/suze-orman/) ## More Fixed quotes > [Right now we're concerned about budget. Right now we're concerned about the prospect of interest rate rise. We're concerned about government corruption, government handing…](https://sms4smile.com/quotes/amity-shlaes/right-now-we-re-concerned-about-budget-right-now-we-re-concerned/) [Amity Shlaes](https://sms4smile.com/quotes/author/amity-shlaes/) > [Limit use of shareware and public domain software to systems without fixed disks. If you do use them on fixed disks, allocate separate subdirectories...…](https://sms4smile.com/quotes/john-mcafee/limit-use-of-shareware-and-public-domain-software-to-systems-without/) [John McAfee](https://sms4smile.com/quotes/author/john-mcafee/) > [Thoroughly understand what it is to understand, and not only will you understand the broad lines of all there is to be understood but…](https://sms4smile.com/quotes/bernard-lonergan/thoroughly-understand-what-it-is-to-understand-and-not-only-will-you/) [Bernard Lonergan](https://sms4smile.com/quotes/author/bernard-lonergan/) > [If you want good behavior, don't pay on a commission basis. Our judges aren't paid so much a case. We keep them pretty well…](https://sms4smile.com/quotes/charlie-munger/if-you-want-good-behavior-don-t-pay-on-a-commission-basis-our-judges/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [As a beast of toil an ox is fixed capital. If he is eaten, he no longer functions as an instrument of labour, nor…](https://sms4smile.com/quotes/karl-marx/as-a-beast-of-toil-an-ox-is-fixed-capital-if-he-is-eaten-he-no-longer/) [Karl Marx](https://sms4smile.com/quotes/author/karl-marx/) > [The true end of Art is not to imitate a fixed material condition, but to represent a living motion,](https://sms4smile.com/quotes/george-inness/the-true-end-of-art-is-not-to-imitate-a-fixed-material-condition-but/) [George Inness](https://sms4smile.com/quotes/author/george-inness/) > [I am, beneath everything else, a fan. I was fixed in this mode as a young boy and am awed by people who take…](https://sms4smile.com/quotes/roger-ebert/i-am-beneath-everything-else-a-fan-i-was-fixed-in-this-mode-as-a/) [Roger Ebert](https://sms4smile.com/quotes/author/roger-ebert/) > [A parent does not do everything for their kid. A parent that does everything for their kid produces a kid with no self-confidence. If…](https://sms4smile.com/quotes/simon-sinek/a-parent-does-not-do-everything-for-their-kid-a-parent-that-does/) [Simon Sinek](https://sms4smile.com/quotes/author/simon-sinek/) > [I never give anyone advice: it can backfire horribly. In the 1950s, Eric Morecambe told Ken Dodd to get his teeth fixed. But those…](https://sms4smile.com/quotes/paul-merton/i-never-give-anyone-advice-it-can-backfire-horribly-in-the-1950s-eric/) [Paul Merton](https://sms4smile.com/quotes/author/paul-merton/) > [“Some things stay a little bit broken forever—even after they’ve been fixed.”](https://sms4smile.com/quotes/josephine-angelini/some-things-stay-a-little-bit-broken-forever-even-after-they-ve-been/) [Josephine Angelini](https://sms4smile.com/quotes/author/josephine-angelini/) > [Even though fixed in time, a photograph evokes as much feeling as that which comes from music or dance. Whatever the mode - from…](https://sms4smile.com/quotes/ralph-gibson/even-though-fixed-in-time-a-photograph-evokes-as-much-feeling-as-that/) [Ralph Gibson](https://sms4smile.com/quotes/author/ralph-gibson/) > [Yes, thou art ever present, power divine; not circumscribed by time, nor fixed by space, confined to altars, nor to temples bound. In wealth,…](https://sms4smile.com/quotes/hannah-more/yes-thou-art-ever-present-power-divine-not-circumscribed-by-time-nor/) [Hannah More](https://sms4smile.com/quotes/author/hannah-more/) > [Remember, life is always uncertain. Everything dead is certain, life is always uncertain. Everything dead is solid, fixed - its nature cannot be changed;…](https://sms4smile.com/quotes/anonymous/remember-life-is-always-uncertain-everything-dead-is-certain-life-is/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [Karma is often wrongly confused with the notion of a fixed destiny. It is more like an accumulation of tendencies that can lock us…](https://sms4smile.com/quotes/jon-kabat-zinn/karma-is-often-wrongly-confused-with-the-notion-of-a-fixed-destiny-it/) [Jon Kabat-Zinn](https://sms4smile.com/quotes/author/jon-kabat-zinn/) > [My Calvinism persuades me that we are open to God, in the sense that we are not delimited, not organisms with fixed attributes in…](https://sms4smile.com/quotes/marilynne-robinson/my-calvinism-persuades-me-that-we-are-open-to-god-in-the-sense-that/) [Marilynne Robinson](https://sms4smile.com/quotes/author/marilynne-robinson/) [Browse all 1,458 Fixed quotes ](https://sms4smile.com/quotes/about/fixed/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "Consider a 15- or 20-year fixed-rate mortgage instead of a 30-year, if you can afford the monthly payments - they may not be as high as you think.", "creator": { "@type": "Person", "name": "Suze Orman" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/suze-orman/consider-a-15-or-20-year-fixed-rate-mortgage-instead-of-a-30-year-if/", "about": { "@type": "Thing", "name": "Fixed" }, "@id": "https://sms4smile.com/quotes/suze-orman/consider-a-15-or-20-year-fixed-rate-mortgage-instead-of-a-30-year-if/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/ae5/suze-orman-1007_fixed_consider-a-15-or-20-year-fixed-rate-mort_30941.png", "contentUrl": "https://sms4smile.com/quotes/i/ae5/suze-orman-1007_fixed_consider-a-15-or-20-year-fixed-rate-mort_30941.png", "url": "https://sms4smile.com/quotes/i/ae5/suze-orman-1007_fixed_consider-a-15-or-20-year-fixed-rate-mort_30941.png", "width": 1080, "height": 1080, "caption": "“Consider a 15- or 20-year fixed-rate mortgage instead of a 30-year, if you can afford the monthly payments…” — Suze Orman", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "Suze Orman", "item": "https://sms4smile.com/quotes/author/suze-orman/" }, { "@type": "ListItem", "position": 4, "name": "Consider a 15- or 20-year fixed-rate...", "item": "https://sms4smile.com/quotes/suze-orman/consider-a-15-or-20-year-fixed-rate-mortgage-instead-of-a-30-year-if/" } ], "@id": "https://sms4smile.com/quotes/suze-orman/consider-a-15-or-20-year-fixed-rate-mortgage-instead-of-a-30-year-if/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```