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Mortgage Comparison:
15 Years vs. 30 Years
Determining
which mortgage term is right for you can be a challenge. With
a 15 year mortgage you will pay significantly less interest,
but only if you can afford the higher monthly payment. Use
this calculator to compare these two mortgage terms, and let
us help you decide which is term better for you.
Definitions
| Mortgage amount |
Original or expected balance for your mortgage. |
| Interest rate |
Annual interest rate for your mortgage. Interest rates
are generally lower for shorter term mortgages. |
| Marginal tax rate |
This is your combined state and federal tax rate.
This is used to calculate your potential income tax
savings by deducting your mortgage interest. |
| Monthly payment |
Monthly principal and interest payment (PI). Both
30 year and 15 year mortgages are shown. |
| Total payments |
Total of all monthly payments over the full term of
the mortgage. Both 30 year and 15 year mortgages are
shown. |
| Total interest |
Total of all interest paid over the full term of the
mortgage. Both 30 year and 15 year mortgages are shown. |
Information and interactive
calculators are made available to you as self-help tools for
your independent use. We can not and do not guarantee their
accuracy or their applicability to your circumstances. We
encourage you to seek personalized advice from qualified professionals
regarding all personal finance issues.
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