Would sleep better a night if you have a 30 yr fixed with a higher rate but with the advantage of knowing what your mortgage payments are going to be for the next 30 yrs and knowing that your loan would have been fully amortized by then.
Or Are you willing to pay a little bit less for a rate that might only be guaranteed for a shorter period of time (5, 7, or 10 yrs)
Tell us a little more about yourself so we can better understand your situation?
Best of luck!
This is a prime example of why you want to select the right lender to assist you with financing.
He/she can crunch the numbers for you and discuss the options that are best for your individual needs. For example there are short term ARMs that offer adjustable rates and then there are 15 or 30 mortgages that are fixed for the entire loan term. You'll also have conventional and government financing as an option. Ultimately you should select the loan type that you determine is in your financial best interest.
Here are some calculators to help you in the process:
Here is a referral to a local lender:
Sr, Mortgage Advisor
123 Mission Street, Suite 850
San Francisco, CA 94105
Let me know if you have any further questions.