The 30-year mortgage: In mid-March, 30-year conventional mortgages carried interest rates of from 4.875 percent to 5.125 percent depending on the lender, the state, and the buyer’s credit score. (See bankrate.com and others)

At 5 percent interest, the monthly payment on a 30-year mortgage for a $100,000 loan is $536.83, which many homeowners could easily afford.

The 15-year mortgage: Some home buyers look forward to paying off the mortgage before they retire or before their children enter college. The 15-year mortgage is a good choice for them.

It’s nice to know that while it will pay off in half the time, they won’t be paying twice as much each month. The 15-year payment for a $100,000 loan is less than you would think. At an interest rate of 4.25 percent, it would be $752.28 a month. Over the life of the mortgage, they would save almost $67,000 in interest.