[abfunders]

Yeah I follow you on this point as well.. But man, when you run the numbers on the total out of pocket cost for the 30 year note vs a 15 year note, the huge difference should make people not be able to sleep at night. When I did that and saw the big difference I couldn't make myself do the 30.

Let's just take a 4.5% mortgage. The payments are so low, and the risk of "missing" with higher payments, and when it's early in your career, and you don't have enough stable income yet.... it's so tempting! 30-years 1.82 factor rate vs 1.38 factor rate on the 15 year, and the payments being 1/3 cheaper. Lots of merchants don't care about the rate either, they just care about the daily. If you're a salaried employee vs business owner/commissions, it's also a decision-making factor.