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A 15-year mortgage has higher monthly payments but significantly lower total interest — often saving $150,000 to $200,000 over the life of the loan compared to a 30-year. A 30-year mortgage has lower monthly payments but you pay roughly twice as much in total interest. Most buyers choose 30-year for affordability flexibility.

A 20% down payment is the traditional benchmark because it eliminates the need for Private Mortgage Insurance (PMI). However, many loan programs allow 3%–10% down. A larger down payment reduces your monthly payment, total interest, and loan-to-value ratio.

No. PMI is required when your down payment is less than 20% of the home price. It typically costs 0.5%–1.5% of the loan amount annually, or roughly $50–$200 per month on a $200,000 loan. Add this to your total if your down payment is under 20%.

An amortization schedule shows how each mortgage payment is split between principal and interest over the life of the loan. In the early years, most of your payment goes toward interest. Over time, more goes toward principal. This is why extra early payments have such a large impact on the total interest paid.

Yes, and it can save a significant amount of interest. Making one extra payment per year on a 30-year mortgage can shorten the loan by 4–6 years and save tens of thousands in interest. Always check that your loan has no prepayment penalty before doing this.

Rates vary significantly based on the economy, your credit score, loan type, and down payment. Generally, a score above 740 and a 20% down payment will qualify for near the best available rates. Check with multiple lenders — even a 0.25% difference on a $300,000 loan saves around $15,000 over 30 years.