In comparison to a 15 year fixed rate mortgage, a 30 year fixed rate mortgage will:

A 30-year fixed rate mortgage will pay more in total interest over the life of the loan when compared to a 15-year fixed rate mortgage primarily due to the extended duration of the repayment period. With a longer mortgage term, even if the interest rate remains the same, the borrower is essentially financing the loan for a longer time.

This means that interest accrues over a greater number of months, leading to higher total interest payments by the end of the loan term. In contrast, a 15-year mortgage allows for faster repayment of both principal and interest, resulting in less time for interest to accumulate. Therefore, despite potentially higher monthly payments associated with the 15-year option, it reduces the total amount of interest paid over the life of the loan significantly, making the 30-year option more costly in terms of interest despite lower monthly payments. This dynamic illustrates the importance of considering both the interest rate and the loan term when evaluating mortgage options.