15% down vs. 20% down on a conventional loan

[Julian Inoue]

Hi,

I am struggling to understand / think through what are the benefits of purchasing a property with 15% down vs. 20% down. I understand that with 15% down I would get a worse rate and have to pay mortgage insurance, but why is that worse / better than putting 20% down and getting a better rate and not paying mortgage insurance?

How should I think through this problem assuming I have enough saved for either a 15% down or 20% down conventional loan?

Thank you in advance for you input!