Is there any benefit in initially taking out a home loan for a shorter period of time? like 20 or 15 years? Or should you just take out a 30 year loan, and then just put a heap more money into it whenever you can to pay it off sooner (as most loans have no penalties on paying off extra). I'm struggling to see why you'd take one out for a shorter time if you can just pay more at any time and have it paid off sooner anyway. Am I missing something?