Posted by Dewey on November 19, 2000 at 23:16:18:
I recommend taking the thirty year loan as long as there is NOT a penalty for pre-payment. Once you have the 30 year loan, figure out the payment for a 15 year loan, and pay the loan back on the shorter 15 year schedule.
I follow this schedule myself. When everything is going great, I pay extra on the mortgage. When cash flow goes sour, at least I have not obligated myself to the higher payment. It may be the difference between a positive cash flow and a negative cash flow.