Advantages of a 15-Year fixed-rate home loan The big advantage of a 30-year home loan over a 15-year loan is a lower monthly payment. However, for those who can afford the slightly higher payment associated with a 15-year mortgage are getting a better deal in almost every possible way.Top 10 Mortgage Misconceptions – But with as little as 3.5% down, you can often obtain a mortgage through the Federal housing administration (fha). fha loans have become a. The rule of thumb is to wait until the difference between.