Firstly, why as a SrA why buy a home on a 15yr Mortgage? With interest rates as low as they are, it would serve you better to re-finance/adjust your mortgage to a 30yr and double your payments.

I say that to say this: Right now you have a homestead exemption and the moment you PCS you will lose it and your escrow account will be in the negative when your tax rate changes. You'll be forced to come out of pocket at least (rough guestimate) $2K+ in order to make up the difference. Your house payment will also rise and the amount you will charge for rent will not cover your mortgage. If your mortgage on a 15yr note (home of 130K/4% interest rate and .5 prop tax rate) is $1015....

When you PCS and lose that exemption your house payment will jump to $1125 versus $725 on a 30 year note. If you plan on staying in place then a 15 year is most certainly the way to go.... However if you plan on PCSing then the latter is the better. If the median rent for a home in your area and your size is $1K then at your next assignment you're going to pay out of pocket $100. This doesn't sound like a whole lot but you'll also need to pay a rental property manage 10% of the montly rent as well... so that ups the number to $200 monthly. You'll also need a better than decent home warranty which will run you about $600 a year, so the number you'll pay out of pocket is $250 a month.

It's doable.... but what if you PCS from a high BAH rate to a low BAH rate? Your pay is going to seriously fluctuate so what you can afford now you may not be able to later. I know what you make as a SrA and in order to be doing "Decently Well" I'm going to assume your spouse works, but what if she cannot find employment when you do PCS?

These are a few CONS to consider as well.

Getting out without a steady source of income that rivals your current AND going to school full/part time? It's doable but not fiscally irresponsible looking JUST at home ownership.