A family wants to purchase a house that costs $145,000. They plan to take out a $115,000 mortgage on the house and put $30,000 as a down payment. The bank informs them that with a 15-year mortgage their monthly payment would be $707.49 and with a 30-year mortgage their monthly payment would be $509.89.

Determine the amount they would save on the cost of the house if they selected the 15-year mortgage rather than the 30-year mortgage.