On the surface, a 15-year mortgage might make sense, but life experiences suggest that a 30-year mortgage may be a better option.

As a high-income earner, you may feel confident in your ability to consistently earn for the long term or at least until you decide to stop. In my opinion, you have every right to do so; that type of confidence has gotten you to where you are today.

Financially, you feel strong, quickly paying all your bills and on autopilot. Plenty of cash to go out with friends and vacations. Maxing out your 401k. Maybe even socking away thousands a month in a brokerage account.

Your mind naturally shifts to what’s next. What should I invest in? Do you think we should buy a house instead of renting in the city, or do you want to upgrade your current home?

While you are doing fantastic, you don’t want to deplete your brokerage account to upgrade so you consider a mortgage, after all, rates are so low.

You observe that the 15-year mortgage has a lower interest rate than the 30-year mortgage. You also notice that the 15-year monthly payment is considerably higher.

Instinct says I wanted the lower rate, I can afford the payments. Let’s save on interest and get it done.

It's a logical thought and seems like a no-brainer.

But here’s the thing: Over my time, I have seen many instances where earnings are disrupted at some point for whatever reason.

Maybe your job gets super stressful taking over your life, maybe you want to switch gears, change professions?

It could happen.

Tying yourself to a hefty mortgage payment for the next 180 months of your life may have big consequences down the road.

Further, you could get a 30-year mortgage and make additional principal payments to reduce the duration of your mortgage. You can also find a bank or mortgage company that lets you pay bi-monthly, which will reduce the total cost of your mortgage and save you thousands on interest.

The beauty of holding off on the 15-year is that you give yourself options if your situation or goals change.

It’s great to pay down your home but remember the only way to unlock that equity is a cash-out refinance, HELOC, or sell.