I just made an offer for a home for $800,000 and need help deciding which mortgage to get. My household income is $200,000 per year and I have a car loan that costs $500 per month. The property taxes on thew home are 2% per year and the insurance will be around $4,000 per year which includes my car insurance. The mortgage broker is offering a 15 year convention mortgage at 5% and a 30 year conventional mortgage for 10% and I would make a 20% down payment for either one. What are the pros and cons of each mortgage?