|
|
|
|
Mortgage comparison: 15 years vs. 30 years
Mortgage comparison: 15 years vs. 30 yearsDetermining 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.
|
|
|
|
An independently owned and operated member of the Prudential Real Estate Affiliates, Inc. Prudential is a registered service mark of The Prudential Insurance Company of America. Equal Housing Opportunity. If used in recruiting ads or materials, the wording "Equal Opportunity Employer" would be used in lieu of "Equal Housing Opportunity." Copyright 1998-2000. An independently owned and operated member of the Prudential Real Estate Affiliates, Inc. Prudential is a registered service mark of The Prudential Insurance Company of America. Equal Housing Opportunity. If used in recruiting ads or materials, the wording "Equal Opportunity Employer" would be used in lieu of "Equal Housing Opportunity."
|
