You are going to buy a home for $500,000. You are trying to decide between a issuing a 30 year fixed rate mortgage or a 15 year fixed rate mortgage to finance 80% of the price. Your objective is to have lower montlhy payments. The interest rate on the 30 year loan is 4.24% and on he 15 year loan the interest rate is 3.365%.  You should choose the 15 year loan.   Use the following mortgage calculator   https://fm.fanniemae.com/homeownership/resources/financial-calculators/mortgage-calculator    True or False

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