Finding the best type of mortgage for yourself can be just as important as finding the right home and can be just as challenging. Try to remember that mortgage payment is only part of the expenses paid to live in a home, so be sure to budget for things such as your home’s upkeeping and other general expenses. A 30-year mortgage will have a lower monthly payment and a higher interest rate than a 15-year mortgage. The main difference is that with a 15-year mortgage, you'll pay less for your house because you're paying it off in a shorter period. ARMs will cost you less in the short-term because your monthly payments and interest rates should be lower than either a fixed rate 15-year or 30-year mortgage. To estimate the amount of your mortgage please use the mortgage calculator at http://www.locatehomesflorida.com/mortgage.asp ; this is a great tool to use when considering variables such as the property price, down payment, interest rates, and terms of the loan to see the effect of these of your monthly mortgage payments.