Which mortgage term is likely to result in a higher total interest payment over the life of the loan?

A 30-year mortgage typically results in a higher total interest payment over the life of the loan compared to a 15-year mortgage. This occurs because the longer amortization period of the 30-year mortgage allows interest to accrue over a more extended timeframe. While the monthly payments are usually lower with a 30-year mortgage due to the longer repayment period, the total interest paid accumulates significantly as a result of the extended duration and the fact that interest continues to compound over the additional 15 years.

In contrast, a 15-year mortgage has higher monthly payments, but the loan is paid off in half the time. This means that the principal balance is reduced faster, resulting in less interest paid over the life of the loan. Therefore, when comparing these two terms, the longer 30-year mortgage will invariably lead to more significant interest payments in total, which highlights why it is the correct answer.