Mortgage comparison: 15 years vs. 30 years

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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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.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.


 

 

 

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PURSUANT TO THE REQUIREMENTS OF SECTION 157.007 OF THE TEXAS

MORTGAGE BANKER ACT, CHAPTER 157, TEXAS FINANCE CODE, YOU ARE

HEREBY NOTIFIED OF THE FOLLOWING:

COMPLAINTS REGARDING A LICENSED RESIDENTIAL

MORTGAGE LOAN ORIGINATOR SHOULD BE SENT TO THE

TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE

LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS

78705. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT

1-877-276-5550.

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF

CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS

CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN

ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE

RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE

DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION

ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEB

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