15yr mortgage vs. 30yr mortgage with a 1.5% interest difference

[Debra Lane]

I'm in negotiations to purchase a duplex as an investment. Would it be better to finance the property for 15 yrs at 2.75% or for 30 yrs at 4.25%? The loan will be around 75K. I wouldn't normally consider the 15 yr, but with such a difference in interest rate, it seems like I should consider it. Also, I have the ability to pay the loan off early in either scenario.