 
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.
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.
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