When comparing 15-year and 30-year amortized mortgages, over the life of the loan you will have smaller payments but pay more interest with the 30-year mortgage.

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With a 30-year mortgage, the payments are spread out over a longer period of time, resulting in smaller monthly payments but more interest paid over the life of the loan. A 15-year mortgage has higher monthly payments, but less total interest paid over time.

When Comparing 15-Year and 30-Year Amortized Mortgages, Over the Life