<prompt> Human: I was looking at mortgage calculator for purchasing my first home. Friends, family and coworkers all were trying to use the But you have a lower interest rate with a 15 year mortgage than a 30 year as a reason for me to think about it.I came home last night to start doing some more research on borrowing money and realized the estimated interest rate difference between the 15 year and 30 is just above 1 something like 1.22. Am I not doing the math right or is an 80k loan really only 800 more over the span of mortgage than the 15 year?This wouldnt make any sense and I was hoping someone may be able to explain it better. Assistant: 80k mortgage cost differences30yr at 4: 137,496 Total Paid 382 monthly payment15yr at 5: 113,874 Total Paid 633 monthly paymentThanks uwaterbuffalo750 and sorry OP. Here are the correct numbers. 80k mortgage cost differences30yr at 5: 154,605 Total Paid 429 monthly payment15yr at 4: 106,515 Total Paid 592 monthly paymentItll boil down to which one can you afford? Human: In theory, I could afford both. However, is that 24k move beneficial if I found a higher yield place to put it rather than just paying my mortgage off faster?I read a lot that paying off high interest debts is one of, if not THE, first step to financial responsibility. I just wonder if their is a better way for that 24k difference to be worth more like 30k in the 15 year separation..  <response>: Take a 30-year mortgage and make the 15-year payment and you will pay off the house in about the same time 16.5 years, but will have the flexibility to make the lower payments around holidays if you need the extra cash. Also, consider the tax implications that interest write-offs play in your earned income bracket. Slim chance it matters, but worth looking into. 