Maria and John have been married for 2 years and just learned that they are pregnant. They have been renting a small apartment but decide to purchase a house. The one they have found has a selling...

Maria and John have been married for 2 years and just learned that they are pregnant.

They have been renting a small apartment but decide to purchase a house. The one they have found has a selling price of $300,000.  They will make a 20% down payment.

They are considering 2 financing options at their credit union:

Option 1:
3.125% interest 30-year mortgage:

Option 2:
2.5% interest 15-year mortgage:

Answer the following question showing all your work to reach each answer.