The traditional mortgage lasts for a period of 30 years at a fixed rate, keeping your monthly payments manageable by extending the loan over a lengthy period of time. While this arrangement will help you get settled in a home, you may be reticent about committing to three decades of debt.

People who are looking to pay off the home in a shorter period of time may consider the 15-year mortgage to be a good option. As the name suggests, this arrangement pays off a home loan twice as fast as the 30-year mortgage.

One advantage of a 15-year fixed rate mortgage is that you can forecast your payments over the course of the loan. Michele Lerner, writing for Bankrate, says the mortgage will have a steady monthly payment and interest rate, although there may be some fluctuations if you pay your property taxes and homeowner's insurance from an escrow account. Under this arrangement, you'll know exactly how much you owe each month.

By paying off the loan in half the time, you'll save a significant amount of money in interest. Scott Sheldon, writing for the National Association of Realtors, says a buyer who borrows $400,000 on a 30-year mortgage at a 4 percent interest rate will pay $287,487 in interest over the life of the loan. A 15-year mortgage under these conditions will only rack up $97,218 in interest. Another added benefit is that a lender will usually offer a slightly lower interest rate for a 15-year mortgage.

By paying down more of the principal each month, you'll build up equity faster than you would under a mortgage with a longer term. Angela Colley, also writing for the National Association of Realtors, says it will consequently be easier to tap into this value for a home equity line of credit or home improvement loan.

A 15-year mortgage also positions you to be free of mortgage debt sooner, leaving you with plenty of financial flexibility at that point. Lerner says this benefit might be particularly appealing to homeowners who are looking to pay off their home before some milestone, such as retirement.

The downside is that you'll have to write a larger check each month to pay down the principal. Sheldon says that in his $400,000 loan example, the 30-year mortgage will have a $1,909 monthly payment while the 15-year mortgage will have a $2,762 monthly payment – a difference of $853 a month, or $10,236 a year, to knock down the principal.

Lenders will be reluctant to approve a 15-year mortgage if these high monthly payments will eat up a significant portion of your income. Since more of your money is going toward the mortgage each month, you'll have less flexibility when it comes to other expenses.

Colley says you should also be confident that you are in a stable employment situation, have enough money to cover six months of emergency expenses, and would be able to continue making mortgage payments if you suffered a pay cut. Make sure you can continue to make the mortgage payments while meeting any other costs you anticipate in the future, such as car loans or tuition payments.

You'll also have to consider whether you want to invest your money in the property or have more funds free each month for other purposes. Benny L. Kass, writing for Realty Times, says the money you save by taking the longer mortgage can be put toward your retirement account, stocks and bonds, a vacation fund, or other purposes.

You may also be able to realize some of the benefits of a 15-year mortgage even if you take a longer term mortgage. Though you'll pay more in mortgage interest over the life of a longer loan, this interest can be deducted. Kass says some homeowners will also see a passive increase in equity if property values rise in their neighborhood.

When choosing the length of your mortgage, you should consider how much money you will pay up front. Sheldon says you can help minimize your monthly payments by selling stocks or otherwise freeing up cash for a down payment. You can also increase the amount of income that can go toward the mortgage by paying off existing debts.

In advocating for a 30-year mortgage, Kass says it is often possible to pay down this loan ahead of time since most lenders will not charge a prepayment penalty. If you do not wish to invest your income elsewhere, you can increase your monthly payment and make a note on the check that these funds should go toward paying down the principal.

The 15-year mortgage has a number of advantages for people who want to commit to paying off their home, but it isn't right for everyone. If you can't make the monthly payments while maintaining a comfortable income, it is better to extend the mortgage over a longer period of time