For this discussion, you will collaborate with your peers to compare two mortgage loans.

Monica and Brian are ready to purchase their first house and have found their dream home, which is valued at $300,000. After extensive research, they have concluded that their bank and their credit union are the best lenders for a mortgage to purchase the home. Their bank offers them a 30-year fixed-rate mortgage of 4.9% with a 10% down payment, while their credit union offers them a 15-year fixed-rate mortgage of 4.4% with a 20% down payment.

Collaborate with your peers to address the following:

Calculate the down payment, monthly payments, and total interest paid over 30 years for the bank loan.

Calculate the down payment, monthly payments, and total interest paid over 15 years for the credit union loan.

Compare both loans using the factors calculated in items #1 and #2 above. Which mortgage do you think Monica and Brian should choose? Be sure to fully justify your choice.