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15 year mortgage vs 30 year paid off in 15
Actually the extra payment comes off the back end of the mortgage. So technically the mortgage is ony reduced one month.  However, banks always recalculate the amortization table when the last payment is paid or a payoff amount is requested. There is a difference between the two situations but that is a minor amount. The 30 year note offers flexibility that the 15 does not. Pick one, save money-15 year, get flexibility-30 year.