<prompt> Human: Ok, so I know that if I get a 30 year mortgage, I am paying a ton of interest over the lifetime of it. I have often heard of people making extra payments towards the principal in order to pay it off sooner and to avoid paying some of the interest.However, the lower monthly payments of the 30 year mortgage are appealing, because you never know if you might fall on hard times in the future.Basically I am just wondering whats the difference between getting a 15 year mortgage, and getting a 30 year mortgage that I pay off in 15 years, assuming a 150,000 loan at current interest rates. How would the monthly payments compare? How much more would I end up spending on interest?  <response>: I found that it is too easy to just say ohh I need that money for x this month Ill pay extra next month. If it fits your budget just go with the fifteen year. Lower rates are nice. And who knows maybe you can still make a few extra payments. 