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. (Please note: This calculator is intended to provide approximate information on loan payments and does not constitute an offer to extend credit. Your actual payment information may vary.)
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Mortgage amountOriginal or expected balance for your mortgage.Interest rateAnnual interest rate for your mortgage. Interest rates are generally lower for shorter term mortgages.Marginal tax rateThis is your combined state and federal tax rate. This is used to calculate your potential income tax savings by deducting your mortgage interest.Monthly paymentMonthly principal and interest payment (PI). Both 30 year and 15 year mortgages are shown.Total paymentsTotal of all monthly payments over the full term of the mortgage. Both 30 year and 15 year mortgages are shown.Total interestTotal of all interest paid over the full term of the mortgage. Both 30 year and 15 year mortgages are shown.
Information and interactive calculators are made available to you as self-help tools for your independent use. We cannot and do not guarantee their accuracy or their applicability to your circumstances. All calculations are based on user inputs and do not reflect any guarantee or commitment of the loan, interest rate, expected savings or tax advantage. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
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