15 or 30 year loan?

[Amy Wolf]

Can I get some input on preferences between 15 and 30 year loans? We are getting prequalified and they are asking if we would prefer 15 or 30 year loans. There are benefits and disadvantages to both, I know, but what have you found is your preference, and why? Is it better to be able to save more to reinvest from the higher cash flow on a 30 year? Or is it better to pay it down faster, but have less cash flow? (we are 35 and 40 years old, so we would like to retire in about 20 years, which is why I thought a shorter loan would make more sense, but larger cash flow also makes sense...hmmm) I would really love some thoughts on this. Thank you in advance!

[Joe Villeneuve]

30.  If for no other reason than you can pay off a 30 in 15, but you can't pay off a 15 in 30.