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.

This Financial Calculator requires SUN's Java Plug-in. If you see this message you will need to download SUN's Java Plug-in. This can be done automatically by clicking the yellow bar at the top of your browser and choosing Install ActiveX Control.

    You can also get SUN's Java Plug-in here: Get the Java Plug-in!

    For more information about this Plug-in please visit: SUN's Java Plug-in
    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.

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.



CALL 1-800-214-4945 TOLL FREE OR IN NAPLES 239-430-1700

 

 REALTY WORLD - TOP PRODUCERS REALTY, INC IS A FLORIDA LICENSED REAL ESTATE FIRM


Realty World - Top Producers Realty, Inc. 1185 8th Ave South NAPLES, FL 34102
Phone: Toll Free Phone: Cell: Fax:

Why Title Insurance? | Why an inspection? | Title Information | ResultsforYou | Why Choose Me! | Radon Information | Contact Us | Curb Appeal List | Setting the Sales Price | Tax Closing Costs | Lead in the Home | Closing costs - loans | Closing costs - Ins. | Get the Highest Price | Selling your own home | Free Home Valuation | Find A Home! | Your FICO score | How Escrow Works | Employment Opportunities | Search for Homes | Short Sales | British Buyers | British Sellers | Naples Statistics | 1031 Exchange | Home Watch Services | Satellite Market Valutaions | Stop Foreclosure Now | Closing Costs | First Time Buyers | Get Pre-qualified | Inspection Tips | Home Buyer Checklist | For Buyers | Download Adobe Acrobat | Tell a Friend | Environmental Issues | News | Press Release | Real Estate Glossary | Selling Your Home | Area Homes | Our Featured Homes | Home | Applying for a Loan | Loan App Checklist | Bi-Weekly Mortgage | Mortgage Saving Tips | Your Down Payment | Finance Agencies | Documenting Assets | Your Buying Power | Writing the Offer | Loan Programs | Mortgage Shopping | Locking in Rates | Living Trusts | Lender Types | Staying Approved | Neighborhood Prices | Staging Your House | Staging Checklist | Creative Financing | Heart of the Matter | 9 Steps to Owning | Mold in the Home | Seller Paid Closing | Site Map | Bi-weekly Pmt Calc | ARM Calc | APR Calc | Fixed Rate Mtg Calc | Mortgage Points Calc | 15 vs 30 Year Mtg Calc | Mtg Tax Savings Calc | Balloon Mortgage Calc | ARM vs Fixed Rate Calc | Mortgage Qualifier Calc | Required Income Calc | Maximum Mortgage Calc | Mortgage Payoff Calc | Rent vs Buy Calc | Refi Interest Savings Calc | Refi Breakeven Calc | Mortgage Calculators | Interest Only Calc | Request Industry Info | Your Dream Home | 9 Steps to Ownership | How to Sell Your Home | Staging Your Home | A holiday sale? | Holiday Saving | Holiday Theft | Property Management | Reasons Homes Don't Sell | Site Selection Services | Tenant Representation | Tenant Space Construction | Be Accessible! | Lease Analysis | Buying Foreclosures/REO's | Types of Listing Contracts | The Listing Contract | Contingencies in Contracts | Listing Commissions | The Back Yard | Need a Bridge Loan? | What's Earnest Money? | Should you paint? | Homeowner Warranties | Plumbing and Fixtures | Real vs. Personal Property | The Kitchen | Role of the MLS | Gated Communities | Flowers Add Curb Appeal! | Ethics in Real Estate | Improvements That Pay | Home Appreciation | Selling One, Buying Another | Fixer Uppers | Home Price Index | Mfg vs Modular Homes | Driving Directions | Daily Rate Lock Advisory | My Blog | Win $1000 | Naples Buyers | Naples Sellers | Foreclosure Listings

Copyright © 2010 Realty World - Top Producers Realty, Inc.
Portions Copyright © 2010 a la mode, inc.
Another XSite by a la mode, inc. | Admin Login| Terms of Use| Site Map
All rate, payment, and area information are estimates and approximations only.