Totally get where you’re coming from. I’ve noticed that when I had the option to “pay extra when I can,” it just didn’t happen as often as I’d planned. Life gets in the way, like you said. Locking into a shorter term forced me to prioritize debt payoff, and honestly, my credit score improved faster since my balances dropped more quickly. The only downside is if something major comes up, there’s less breathing room... but for me, the structure was worth it.
Man, I totally relate to the “I’ll pay extra when I can” plan turning into “I’ll pay extra... eventually.” I tried that back in my twenties. Spoiler: I ended up buying more takeout than making extra payments. Life is just sneaky like that. The shorter term is kind of like a gym buddy who actually shows up and drags you out of bed—annoying, but you get results.
But yeah, that lack of wiggle room can be nerve-wracking if your car decides to explode or something. I’ve seen folks get stuck when emergencies hit, so I always tell people to keep a decent emergency fund if they’re locking into higher payments. Otherwise, you’re just trading one stress for another.
If you know you’re the type who needs a little nudge (or a full-on shove), shorter term wins. If you’re super disciplined, maybe the flexibility works. But honestly, most of us aren’t as disciplined as we think we are... myself included.
Honestly, you nailed it with the gym buddy analogy. Most of us think we’ll be disciplined, but then pizza happens... and suddenly that “extra payment” is just a myth. Having a plan that forces your hand can really make a difference, even if it feels a bit restrictive. But yeah, emergencies don’t exactly RSVP, so having a buffer is key. It’s all about knowing your own habits—no shame in needing a little structure.
Honestly, I get the appeal of just paying extra when you can, but for a lot of folks (myself included), that flexibility turns into “I’ll do it next month” way too easily. Here’s how I see it:
- Refinancing to a shorter term locks you in—forces discipline, builds credit faster, and usually gets you a better rate.
- But... life happens. If your income isn’t super steady or you like having wiggle room, just making extra payments might be safer.
- Either way, having an emergency fund is non-negotiable. Learned that the hard way when my car died and suddenly my “extra” payment went to repairs.
It’s really about knowing your own habits. Some people need the structure, others need flexibility. No shame either way.
Paying More Each Month Feels Easier, But Refinancing Was the Kick in the Pants I Needed
I get what you’re saying about the “I’ll do it next month” trap. That was me for years. I’d tell myself, “Hey, just toss a little extra at the mortgage when you can,” but somehow there was always a vet bill, or a birthday, or frankly, just a pizza craving that felt more urgent in the moment. Next thing I knew, six months had gone by and the loan balance barely budged.
Last year, I finally pulled the trigger on refinancing to a 15-year. I won’t lie—the payment jump made me sweat at first. It’s not like my paycheck magically grew overnight. But being forced to stick with it actually helped me budget better. No more pretending I’ll send in an extra $300 next month. It’s already gone.
I do miss the wiggle room sometimes, especially when my hot water heater decided to die in January (seriously, these things have a sixth sense for bad timing). But I had a rainy day fund stashed away, so it didn’t totally wreck me. If I hadn’t set that up, I’d probably still be paying off the plumber.
I guess for me, the discipline of a shorter term was what finally moved the needle. If you’re someone who’ll actually make those extra payments consistently, more power to you—wish I had that willpower. For me, being locked in was like hiring a personal trainer who yells at you until you finish your reps.
But yeah, emergency fund is non-negotiable. Learned that one after my old car left me stranded on the side of the highway with nothing but a AAA card and a bag of stale pretzels.
It’s definitely not one-size-fits-all. Some folks need flexibility, others need the guardrails. Just depends what makes you actually stick to it—self-knowledge counts for a lot here.
