After those 15-30 years are up, you no longer have to pay that $XXXX per month. In 20ish years, inflation is likely to have significantly reduced the value of

After those 15-30 years are up, you no longer have to pay that $XXXX per month. In 20ish years, inflation is likely to have significantly reduced the value of $XXXX, it could have as little as half the purchasing power it does today. If renting, the rent is likely to increase (particularly if you move) so that you are still paying $XXXX in today's money. If repaying a mortgage, you are likely to be paying roughly $XXXX in absolute terms (depending on interest rate changes). So yes, you are tying yourself to a risk that you will lose your house (and any difference between the outstanding loan and its sale value) if you lose your job over a certain period. However, after a certain period you are also reducing the risk that you won't be able to afford your housing costs if you lose your income. Lenders are also more likely to consider a term extension to enable you to make more realistic payments, than a landlord is to agree to lower your rent.