When considering which loan is right for you, it is crucial to remember that most people never pay off their loan completely. Typically, within 5 to 8 years, the loan is either refinanced for a lower rate (through the popular No Closing Cost Loans) or because a different home is bought in the same area or due to a geography change for various reasons. Implications? You spent those early years of the mortgage, especially the longer the loan, paying mostly interest as all loans are front loaded with interest first, principle second.
Please take a look at the helpful mortgage information on this site.