Mortgage Comparison Calculator: 15 year vs. 30 years

Mortgage Comparison of 15-Year or 30-Year Term - Determining which mortgage term is right for you can be a challenging exercise. Although with a 15-year mortgage loan you will pay significantly less interest compared to a 30-year mortgage, your monthly mortgage payment can be significantly higher. Use this mortgage comparison calculator to compare these two mortgage terms - 15-year and 30-year - to help you decide which term is better for you.

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Mortgage comparison: 15-year vs 30-year - Definitions

Mortgage amount - Original or expected balance for your mortage loan.
Interest rate - Annual interest rate for your mortgage loan . 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 mortgage 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.

Borrowing: Calculatorplus.com provides comprehensive source of free finance and loan calculators including this Mortgage Loan Calculator to help you make the right decision getting a new loan. Whether you're interested in a new mortgage or refinancing an existing mortgage, this Mortgage Approval Calculator can help with your decision. Want to know how much taxes or insurance are included in your payment, use this free Mortgage Calculator with Taxes & Insurance.

Financing: Use this Credit Card Calculator to optimize your credit card debt in order to generate the greatest savings. If your are considering purchasing a new vehicle, this Auto Finance Calculator can help you work out your monthly payment.

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