<prompt> Human: Hello again PF! I am currently shopping for my first home. I have rented a townhouse for 830mo plus utilities 100-170 depending on the season for seven years. This stopped making financial sense at least three years ago but I just wasnt willing to make any big changes.I am ready. I am in my early 30s, have no debt and excellent credit. I have a daily driver and a weekend vehicle that are reliable. I paid off my student loans earlier this year thanks to PFs help! I pay my CC in full every month. My take-home pay is around 3kmo after taxes, health insurance and retirement contributions. I am looking at a house that is on the market for 119k. It is an older home that was nicely kept and has all of the things I want. It needs updates, but that is reflected in the price. Based on the local market, I believe an offer of 105k would be my starting point. What confuses me is mortgage terms and rates for 10, 15 and 30 years. I am looking at zero down options, but I have about 10k I could consider for down payment. Is there an advantage to getting a 15-year mortgage if I plan to pay it off in that time over say, a 30-year and I potentially pay it off early with the flexibility of taking longer?  <response>: The advantage to a 15-year mortgage is a lower interest rate. The advantage to a 30-year mortgage is more flexibility. You can choose to pay the latter off in less than 30 years, but you dont have to. 