A 15-year mortgage leads to larger monthly payments but less total cost, while a 30-year mortgage has lower payments but higher long-term interest. The longer term decreases monthly payments but increases total interest paid.
A 15-year mortgage offers lower annual percentage rates (APR) and can save money in the long run due to the shorter repayment period. Lenders predict repayment more easily with 15-year loans, leading to lower rates compared to 30-year options.
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