advice for first time home buyer?

[Thremp]

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am I missing something? Did you guys say a 30y loan will cost you as much as a 15y loan?

I feel i may have misread something, or myabe I just dont understand financing as well as you guys.

I was always led to believe that you will save a ton if you are not paying interest for those extra 15 years. If you guys could clear this up I would be greatful.

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You wouldn't pay off a 30 year loan in 30y. You pay it off in 15, but you gain extra flexibility through having the choice if a medical emergency comes along, wanting to take a vacay, someone loses a job etc. Its mostly a utility question. If you can significantly increase happiness by moving to a new price point etc etc.

Rates are higher on a 30y which is why you'd have to weigh this out. If they were equal, everyone in every circumstance should just get a 30y.