Need help picking the right mortgage!!?

Sarah J asked:


I am trying to compare these 3 loan offers. I think I have figured that in the long-term 30 yr life of the loan, the 80/15/5 loan will save us the most money. I want to see if we sell in appx. 8 yrs, which is the best choice for us. We do have access to the downpayment amount but also are considering putting it towards higher interest rate credit cards.

FHA:
$143,366 30 yr fixed at 6.125 (includes upfront MIP of 2118) – $871.11/mo plus appx $60/mo PMI
$3221.98 closing costs
$3252 downpayment
$4500 seller’s assistance

80/20:
$115600 30 yr fixed at 6.375 – $721.19/mo
$28,900 15 yr fixed at 8.375 (paying the extra per month to pay off the 2nd mortgage in 15 yrs) – $282.48/mo
$2965 closing costs
$0 downpayment
$4500 seller’s assistance

80/15/5:
$115600 30 yr fixed at 6.000 – $693.08/mo
$21675 15 yr fixed at 9.25 (paying the extra per month to pay off the 2nd mortgage in 15 yrs) – $223.08/mo
$2816 closing costs
$7225 downpayment
$4500 seller’s assistance