So I know that 30 year mortgages are "the normal" thing. But anyone who keeps up with things going on in our country knows that the normal thing financially is bad.
I know my place that I'm in right now is a two bedroom, two bath condo that cost about 60,000 initially. If you have to put down 10%, then your mortgage will be about 54,000.
If you decide to go for the thirty year with a monthly rate of .5%, your mortgage will be about
$323.76. So all in all you will pay $122553.60.
If you will just pick the fifteen year with the same rate, your mortgage will only be $455.68 monthly. But pick with the 15 year mortgage you only pay $86022.40.
$40531.20 is how much extra you pay since you picked the 30 year.
I know the normal house is probably more like $25o,000 overall.
For a $250,000 place 30=$1,498.88/month 15= $2109.64/month
You are paying $159,861.60 extra if you pick the thirty year!!!