A family wants to purchase a house that costs $155,000. They plan to take out a $125,000 mortgage on the house and put $30,000 as a down payment. The bank informs them that with a15-year mortgage their monthly payment would be $799.25 and with a30-year mortgage their monthly payment would be $543.88. Determine the amount they would save on the cost of the house if they selected the15-year mortgage rather than the30-year mortgage.

How much would they save if they selected the15-year mortgage?