I agree, CP. I have been thinking along those lines all along, but I thought I should pose the question to a few others to see if there might be something important missing in that logic. So far, yours seems to be the consensus opinion.

Considering the human nature we all possess, I can see a few advantages to going with a 15-yr. For example, it takes the choice of whether or not to pay down principal aggressively out of my hands, which is probably a good thing, considering my uncanny ability to find any excuse to dispense with expendable income by some means besides that which is most responsible. Most of us tend to live for the day. Most ways, that is a good thing. However, the older I get (and the closer my kids get to college age), the more attractive opportunities to prepare for my financial future are becoming. Assuming that my home, wherever it happens to be, may be my only significant cash resource when it comes time to send them off, it would seem to be in my best interest to have as much equity in it as possible.

Of course, there is also the matter of the amount of interest a person stands to pay over the life of a loan to consider. In my case, assuming I made only minimum payments for the life of the loan, I would stand to save over $50K by going with the 15-year. Nothing to sneeze at.

Most likely, I will end up going with a 30-yr. loan, for exactly the reason you stated. My only hope is that I can find the restraint to hold on to enough extra money to beef up my monthly payments, at least some of the time. They say that making just one extra payment per year on a 30-year mortgage turns it into an 18-yr. mortgage. Imagine what making two extra payments per year could do....