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.
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 Intrest
Total of all interest paid over the full term of the
mortgage. Both 30 year and 15 year mortgages are shown.