With the median household income, a 30-year mortgage allows homebuyers to purchase 46% more house, but a 15-year mortgage provides triple the paid equity in just 5 years. In general, a 15-year mortgage is a smart choice for households in housing markets where price increases have been modest, but a tougher call for households in hotter markets. If you prefer lower monthly payments, consider the 30-year option. 15-year mortgages are a great option for those wanting to build equity, regardless of how expensive or fast growing a market is.