Many homebuyers are in a tough position when it comes to choosing between a 30 year mortgage and a 15 year mortgage. While we all know that you will save a bundle in interest if you choose a home loan that has a shorter duration, we also know that this can cost a lot more out of our pockets each month. After making some considerations many of us choose a 30 year mortgage for our homes.

This may come as a surprise but you can save about $100,000 over the course of your mortgage if you opt for a 15 year loan. This is on a 100 thousand dollar loan. I was shocked to discover that the interest paid over 15 years was $64,000 in comparison to $164,000 for a 30 year mortgage.