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.
Please enter your information above and then press Calculate to see your
"Year Number" graph, in the light yellow area above.
For more detailed information, select the View Report button.
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. We can not and do not
guarantee their accuracy or their applicability to your circumstances.
We encourage you to seek personalized advice from qualified
professionals regarding all personal finance issues.
