Appalachian State University(1998), the Journal of Financial Planning(1998, 2003), the Federal Reserve(2006), and Consumer Reports(2008) all have studied this question and agree that the 30 year mortgage is best. Contact me at my website below, and I will send you a free white paper that gives 10 reasons to carry a big long mortgage in order to succeed financially.
Example: $200,000 with a 6% interest rate for 30 year fixed mortgage is a payment of approximately $1199 per month. (These are ball park figures) The $200,000 with a 6% interest rate for 15 year fixed mortgage is a payment of approximately $1688 per month. (Both of these figures are Pinicple and interest only without escrow included.) Your interest rate on the 15 year would have to be around 1% to get the monthly payment down to the $1199 per month rate. That is not likely to ever happen.
On the 30 year at 6% the interest paid the first month would be $1000 while the principle would drop $199. The amount of interest would drop about $1 for the first 3 months and then the drop would start going up by a cent or 2 each month until the interest would be $987.72 for the 13th month. Rememeber that the principle goes up the same amount that the interest drops.
The 15 year at 6% will again start out with a $1000 interest and $687.71 to priciple, but the 2nd month the interest would drop to $996.56 while the priciple would go up to $691.15. By the 13th month the interest would have dropped to $957.58
Now if you paid the approximately $488 different (between the 30 payment and the 15 year payment) to the principle of the 30 year mortgage each month, you would accomplish amost the same thing. By month 13 the interest would have dropped to $957.63.
Let's make this simpler. You will will email me at Sara@RichProperties.net, I'll email you an Excel spreadsheet that you can play with to try out different ideas. It is not a fool proof spreadsheet but it is fairly accurate and will give you an idea of what happens when you pay extra to the principle on different loans.
Let me know how I can help.
The only benefit you will get for setting up a 15 year vs. a 30 yr is you will have about a 1/4 percent less of an interest rate on your mortgage. The reason a 15 year mortgage has a higher payment vs a 30 year mortgage is that all the extra is going to directly principal and that is why it pays off in 15 years instead of 30 years. Hope this helps.