15 Year mortgage vs. a 30 Year mortgage

15 Year Fixed Rate at 5.50%
$150,000 Loan Amount
Monthly principal and interest payment: $1,225.63
Total interest paid over the life of the loan: $70,612.53
Average monthly interest paid over the life of the loan: $196.15
 

30 Year Fixed at 5.75%
$150,000 Loan Amount
Monthly principal and interest payment: $875.36
Total interest paid over the life of the loan: $165,129.34
Average monthly interest paid over the life of the loan: $458.69

Total interest saved by choosing a 15 Year Fixed Mortgage: $94,516.81
Note: The numbers above were done using a designated note rate. Be sure to look at a loan's APR as well when selecting a mortgage company.