MORTGAGE PAY-OFF

When it comes to choosing amortgage loan, many homebuyersopt for the lower monthly paymentsthat come with a 30-year mortgage.On a $300,000 loan at 6%, paymentson a 30-year mortgage would be$732.92 less than on a 15-year mortgage.That's not exactly pocketchange, but the difference in the totalinterest payments over the life ofthe loan is impressive—the 15-yearmortgage will cost you $155,682 ininterest, compared with $347,514for the 30-year loan. Some realtorsadvise a middle course—choose a30-year mortgage but make doublepayments, as if it were a 15-yearloan. That way, if finances get tight,you can cut back on the extra paymentswithout getting into troublefor nonpayment.