Compare 15-year vs. 30-year Mortgage Terms to Decide Which is Right for You
Trying to decide whether a 15-year or 30-year mortgage loan is right for you? With a 15-year mortgage loan, you’d have higher monthly payments, but you’d pay less interest. A 30-year mortgage loan would mean lower monthly payments, but you’d pay more in interest and an overall higher amount in the long run.
Our calculator helps you compare these two mortgage terms. Give it a try below, and see which term is right for your particular needs:
Mortgage comparison terms & definitions
Mortgage amount – The total amount for your mortgage.
Interest rate – Yearly interest rate for your mortgage.
Marginal tax rate – Your combined state and federal tax rate.
Monthly payment – Monthly principal and interest (PI) payment.
Refinancing fee – An amount of money charged when you refinance a loan.
Total payments – Total of all monthly payments made over the full mortgage term.
Total interest – Total of all interest paid over the full mortgage term.