Zeev's Turnips Patch-No Politics (ZEEV)

[tantal]

Look, I said I looked at the numbers. the 30 yr is about 1/2 pt higher rate, something like 4.875% for the 15 year, and 5.625% for the 30 year iirc. No matter what you do, starting with the first payment, the 15 year pays roughly 90% of interest amount for the 30 year, that's roughly $900 to $1000, just the interest part of the payment, regardless of whether the payment is $1200, $1600, or $3200. It doesn't matter how much principal is paid, and over time the amount of interest required to be paid for the 15 year drops faster than the amount required for the 30 year, assuming the same total payment amount. The significantly higher rate for the 30 year kills the deal for me.

You are wrong in this instance, and wrong is wrong. Thank you for your advice, but I don't think this is shedding any new light on the subject.