15 vs 20 vs 30-year mortgage
The same loan at the same rate looks very different across term lengths. Shorter terms cost much less in lifetime interest but demand a higher monthly payment.
Loan
15-year fixed
$1,781/mo P&I
Total interest: $120,567
Total paid: $320,567
Lowest lifetime cost
20-year fixed
$1,533/mo P&I
Total interest: $167,834
Total paid: $367,834
30-year fixed
$1,311/mo P&I
Total interest: $271,787
Total paid: $471,787
Loan amount: $200,000. Note that real-world 15-year rates are usually 0.25–0.75% lower than 30-year rates — this comparison holds rate constant so you can isolate the term effect.