The 30 year mortgage is the most common type of home mortgage. This mortgage is popular due to its low monthly payments. However since the loan is spread out over 360 monthly payments, the borrower will end up paying a higher total price with the extra interest.
15 year mortgages are a less common type of fixed rate mortgage. Because the mortgage is amortized over a shorter number of payments the borrower ends up paying a lower total amount due to paying less interest. This type of mortgage is not as common however, since the monthly payments are typically much higher than a 30 year mortgage.
