20% down and 15 year note I think is a pretty risky proposition for someone just out of school and looking to buy a business. People suggesting that must have had alot of help from parents, or are thinking thru the lense of there current age vs. in there 20's.
Yeah... i think for many it may be better to go the 30, and if you have the resources to pay the amount of the 15, go ahead and do that, but still have the flexibility to drop back to the lesser 30 year payment if unforseen expenses arise.
I've been paying on an accelerated bi-weekly schedule since i moved into my townhome out of college. Over the course of a year pays 1 payment worth of extra principal off the place.