| Calculators >> 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 term is 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.
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Information and
interactive calculators are made available to you as self-help
tools for your independent use and are not intended to provide
investment advice. We can not and do not guarantee their
applicability or accuracy in regards to your individual circumstances.
All examples are hypothetical and are for illustrative purposes.
We encourage you to seek personalized advice from qualified
professionals regarding all personal finance issues.
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