Below are the payments for each loan:
30 year fixed rate at 5% - $1033.88 prinicipal & interest payment
15 year fixed rate at 4.735% - $1495,55 principal & interest payment
You can reduce a 30 year mortgage by several years by paying extra every month. The rate will stay the same, but you do have the flexibility of paying the extra $360 more or less a month or not.
You can also ask the bank to set you up on a bi-monthly payment, which will also reduce the number of years to repay. There is a monthly fee for that, but it might be worth it to you. They do require an automatic draft 2 times a month from your account. Some people prefer this to the 15 year.
I retrieved these figures from my local MLS website.
Call your lender for details about any of these loans.