A borrower seeking to buy a $250,000 property with a 80% LTV ratio is considering two mortgage choices: a FRM or a FRM with an IO period. The lender offers the following two loans: Loan 1: 30 year FRM, fully amortizing monthly payments 4% interest Loan 2: 30 year FRM with 4 year IO period, fully amortizing monthly payments 4.15% interest How do these two loans compare on 1) monthly payments 2) total interest due over life of the loan? If you were deciding between these two loans, which would you pick and why? (2-3 sentences max)