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.


Keystone Mortgage Emporium Inc
2302 West Johnsburg Road, Johnsburg, Illinois 60051
Phone: 815.344.9510 • Fax: 815.344.9513
Toll Free: 877.344.9510
Email: info@keystoneme.com

                   

Illinois Residential Mortgage Licensee MB.6759566

 

Consumer Inquiry Information:

Illinois Department of Financial and Professional Regulation

Division of Banking

122 South Michigan Avenue, Suite 1900, Chicago, Illinois 60603

Phone: 312.793.3000 • Fax: 312.793.3977 • Consumer Inquiries: 877.793.3470

 

Copyright © 2010 Keystone Mortgage Emporium Inc
Portions Copyright © 2010 a la mode, inc.
Another XSite by a la mode, inc. | Admin Login| Terms of Use| Site Map