It can be a challenge to determine what is the right mortgage for you. With a 15-year mortgage you'll pay much less in interest but have to make much larger monthly payments. A 30-year loan provides more manageable payments, but by doubling the repayment period, the interest tally mounts.
MORTGAGE CALCULATORS
Mortgage comparison: 15 years vs. 30 years
Use this calculator to determine whether a 30-year loan or a 15-year loan is the better loan for you.
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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, or 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.
Type of Loan:
