Mortgage comparison: 15 years vs. 30 years

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.

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For more information these financial calculators please visit: Financial Calculators from KJE Computer Solutions, LLC

Definitions

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

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Interest rates, terms, loan programs and other information are subject to change without notice. Full disclosure of product terms and conditions is provided upon request. Network Funding, LP makes no express or implied warranty regarding the information or data presented on this web site, and hereby expressly disclaims all legal liability and responsibility to persons or entities who use or access this web site and its content, based on their reliance on any information or data that is available through this web site. PLease call 800.772.1193 extention 706 if you have further questions about this site or about any mortgage program changes.