Also if you can make the monthly debt ratio work, 15 year mortgages have some nice features like seeing a real reduction in principal from the first payment. 30 year notes frontload the interest so much that the balance barely goes down for the first 10+ years.
The difference in rate between the 30 and 15 over the last years, has never been substantial enough to warrant taking a 15 yr. on a purchase, especially for first time home buyers. One never knows when illness, job loss, and change in family circumstances occur, and making that 30 year payment vs. the 15 is going to be a life saver. If you work out the numbers, the earlier payoff isn't substantial enough to warrant taking the chance. The only time it makes sense is on a refinance, in some cases, or, when the spread between the 30 and 15 is substantially wider.
I would rather see someone go into one of those accelerated bi-monthly programs on a 30 to pre-pay faster vs. taking a straight 15 yr., with no options but to make that payment or refinance. If personal catastrophe is involved, refinancing may not be an option.