I have always assumed that 30 year mortgage, while providing higher immediate cash flow because of lower monthly payments is overall going to cost you more in interest payments in comparison to a 15 or 10 year mortgage. But after reading Mr. Frugal Toque's post, I'm wondering if it it's fiscally smarter to take a 30 year mortgage, pay more per month, and pay off in say 10 years.

To give you some math to compare, let's say the purchase price of the property is 275,000, with 20% down. My bank's rates for today are 3.5% for 30 year and 2.725% for 15 year. Can someone show me the math to compare interests paid to the bank for the two situations, where you take a 30 year mortgage at 3.5% but make one additional payment per month, vs. taking a 15 year mortgage and paying monthly payments only at 2.725%. FWIW, my bank charges 2.225% for a 10 year mortgage according to today's rates.

Insight and calculation is much appreciated. Thanks!