Finance
The primary benefit of a 15-year mortgage compared to a 30-year mortgage is:
ALower monthly payments
BSignificantly less total interest paid over the life of the loan✓ Correct
CNo PMI requirement
DLower down payment requirement
Explanation
A 15-year mortgage builds equity faster and results in significantly less total interest paid over the loan's life (often 50% less than a comparable 30-year loan), though the monthly payments are higher.
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