Mortgages 15-year vs. 30-year

Many people at some point in life will decide to purchase a home. Most will need to acquire a mortgage for the home purchase. There are several options for mortgages and with so many different choices the mortgage selection process can be confusing. This discussion will focus on how to calculate a monthly payment for a mortgage, the amount of interest over the term of the mortgage, and how to calculate the price of a home a family could afford based on a family budget with a set monthly mortgage payment amount.