Determining which mortgage term is right for you can be a challenge. With a shorter 15 year mortgage, you will pay significantly less interest than a 30 year mortgage - but only if you can afford the higher monthly payment. Use this calculator for a comparison of a 15 vs. 30 year mortgage.
15 vs. 30 Year Mortgage
15 vs. 30 Year Mortgage Definitions
- Mortgage amount
- Original balance of 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 possible income tax savings by deducting your mortgage interest. **TAXTABLE_CURRENT_DEFINITION**
- Monthly payment
- Monthly principal and interest payment (PI). Both 30 year fixed and 15 year fixed mortgages are shown.
- Total payments
- Total of all monthly payments made over the full term of the mortgage. Both 30 year fixed and 15 year fixed mortgages are shown.
- Total interest
- Total of all interest paid over the full term of the mortgage. Both 30 year fixed and 15 year fixed mortgages are shown.
*Please consult with a tax professional regarding mortgage interest deductions and your specific situation.