A borrower seeking to buy a $250,000 property is considering two mortgage choices: an FRM or an FRM with an IO period. The lender offers the following three loans:

Loan 1 80% LTV 30 year FRM, fully amortizing monthly payments; 4.45% interest

Loan 2: 80% LTV 30 year FRM with 4 year IO period, fully amortizing monthly payments; 4.00% interest

Loan 3: 90% LTV 15 year FRM, fully amortizing monthly payments; 3.75% interest

How do these three loans compare on 1) monthly payments 2) total interest due over life of the loan? If you were deciding between these three loans, which would you pick and why? (2-3 sentences max.)