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.


Matt Urbanovsky, Realtor
Keller Williams Realty
(813) 967-7826 

 800-586-7436 X300 Toll Free 
813-994-1543 Fax
Matt@matturbanovsky.com
Matt Urbanovsky is proud to serve the following communities:

New Tampa, Arbor Greene, Cory Lake Isle, Cross Creek, Grand Hampton, Heritage Isles, Hunter's Green, Hunter's Key, K-bar Ranch, Lake Forest, Live Oak Preserve, Pebble Creek, Richmond Place, Tampa Palms, West Meadows,  Wesley Chapel, Aberdeen, Belle Chase, Brookside, Chapel Pines,
Country Walk, Lexington Oaks, Meadow Pointe, New River, Northwood, PineWalk, Pine Ridge, Saddlebrook, Saddleridge Estates, Saddlewood, Seven Oaks, Lakes at Northwood, The Villages of Wesley chapel, Wesley Pointe, Westbrook Estates, Williamsburg


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