Learn to make the right decision for your family. Realize that everyone in the transaction of you buying a house wants you to buy the biggest house you can afford. They make more money from the transaction when you buy more house than you can afford, but still qualify for.
How much more interest will you pay on a 30 year mortgage versus a 15 year mortgage?
Using the following values for average mortgage rates today, compare how much you will pay in interest over the life of the mortgage.
30 year mortgage. i = 2.98, n=30, $300,000 = mortgage value
15 year mortgage. i = 2.75, n=15, $300,000 = mortgage value
If you run the numbers, you will come out with $457,987 for the 30 year mortgage over 30 years and only $341.691 for the 15 year mortgage. Subtract the $300,000 from both numbers for the principal and you will have the interest only.