what can you afford?

1. 15 years vs 30 years
$150,000
15 years 30 years:
Interest: 7%== 7.25%
Monthly: 1079==819
Interest total: 74,147==17,4700

2. In the early years of repaying your mortgage, nearly all of your mortgage payment goes toward paying interest on the money that you borrowed. Not until the later years of the mortgage do you begin to rapidly pay down your load balance. It takes 22 years to pay off half the loan in the above case. Interest goes up, this number goes up.