In the beginning, a large portion of your payment goes to interest. Unless you plan to move in a few years, the 15-year is the way to go. It can't be expressed enough that you should almost always choose a 15-year fixed mortgage. Using our amortization calculator you can enter various scenarios to reveal the true cost of the place you will call home & any other type of loan. This may seem like a no-brainer, but so many people look only at the monthly cost and never consider the total cost. No one factor affects the cost of purchasing a house more than length of the loan. The Full Monthly Repayment Chart and Understanding Your Payment Allocations
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