Mortgage comparison calculator: 15 years versus 30 years
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Mortgage comparison: 15 years vs. 30 years
15-Years or 30-Year Mortage
- 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 calculator to compare these two mortgage terms - 15-year and 30-year - to help you decide which term is better for you.
Mortgage comparison: 15 years vs. 30 years - 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.
CalculatorPlus provides free mortgage loan calculator to calculate adjustable rate mortgage or to determine mortgage approval. In addition, homeowners can use the mortgage calculator insurance to calculate their monthly mortgage payment, or the loan amortization calculator to generate an amortization schedule. These loan calculators and other finance calculator including CD calculator and credit card calculator available on CalculatorPlus can help homeowners and other users make smart personal finance decisions (calculator loan).