In residential real estate, the 30-year-mortgage is king. But why?

A 15-year mortgage saves you money, reduces your expenses later and helps you be more realistic about how much house you really need, says Peter Dunn, better known as Pete the Planner.

Pete talks with guest host Lesley Weidenbener about all things mortgages—determining how much house you can afford, why you shouldn't put down less than 10% and why the idea of starter homes and family homes is silly.

And Pete explains why those mortgage calculators you can get online are one of the worst things to happen to family finances.

You can also read Pete's column about the 15-year mortgage at IBJ.com.

This episode of the IBJ Podcast is sponsored by Krieg DeVault.