Interest Rate or Amortization Period

If your goal is to lower your monthly payment, then look for as long an amortization period as possible.  The longer the amortization period, the higher the interest rate.  You will pay more in interest over the life of the loan as well.  However, the monthly payments will be less, and typically you have the right to prepay the principal without penalty, in your discretion, so this can lessen the impact of the higher interest rate.  You can also refinance the loan to a shorter amortization when you have more money or a higher salary.  Something to consider, especially for your first home.

Mitch