How different are the payments, the total paid, and the cost to finance?

Fifteen-year mortgage compared to 30-year mortgage. A 15-year mortgage comes with advantages, the biggest being the home is paid off much sooner, and equity is built much more quickly. Mortgage interest rates are often higher for 30 -year mortgages than 15 -year mortgages. However, the payments for 15 -year mortgages are considerably higher. The following exercises explore the difference between a 15 and 30 -year mortgage for a mortgage of \(\$ 200,000\).