Is there a way to tell how much more a 30-year mortgage will cost me over a 15-year mortgage?

A 15-year mortgage allows you to own your home free and clear within 15 years, but your monthly payment will be higher than that of a 30-year mortgage. The added benefit of a 15-year mortgage is that you will be paying out much less on interest than you would for a 30-year mortgage. Keep in mind that during the first several years of your loan, you are paying more on interest than principal.

Most people end up taking out a 30-year mortgage because it just makes owning a house more affordable. As your loan gets paid down, you may want to consider a 15-year mortgage.