Home purchase is a major commitment that each and everyone of us will encounter at least once in our life-time If you have plans to retire early, home purchase planning can start as soon as you step into your employer’s office the very first day There are ton lots of Mortgage options to choose from. Most commonly known mortgage product options are 30-year fixed, 15-year fixed, 5/1 ARM products I’ve done an analysis based on mortgage amortization schedule today and interestingly found the following figures: 1) As far as the ARM rates goes I’ve analysed 5/1 ARM amortization schedule, the repayment schedule and found that 69% of the repayment goes towards your interest. Only 31% goes towards your principal repayment 2)In case of 15-year fixed mortgage 40% of the monthly payment goes towards your interest, rest 60% goes towards your principal 3) As far as the 30-year fixed mortgage goes 71% of payment goes towards interest, rest 29% towards principal repayment the product with minimal principal repayment 4) In case of 10-year fixed mortgage 25% of the repayment goes towards interest rate and 75% of whatever you pay goes towards your principal So, the conclusion is that 10-year fixed is the best bet if you are looking to repay your mortgage real faster. Approval depends on how much you choose to put towards down payment, your income requirements eligibility, all the factors that will qualify you for this mortgage product. If you choose to plan your early retirement and achieve financial independence in 10 years this is definitely the best bet