15 vs 30 Year Mortgage: Costs & Trade-offs
A 15-year mortgage saves tens of thousands in interest but requires a higher monthly payment. At a $350,000 home with 20% down:
| Metric | 30-Year | 15-Year |
|---|---|---|
| Rate | 6.85% | 6.2% |
| Monthly P&I | $1,835 | $2,393 |
| Total Interest | $380,501 | $150,769 |
| Interest Saved | — | $229,732 |