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.

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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.

MICHAEL SORENSEN - REMAX CITY REALTORS - Chicago Short Sale Specialist, CDPE - Certified Distressed Property Expert, Short Selling Homes in Chicago & Suburban Chicago Illinois Short Sales. Looking to Short Sell your Chicago or Northern Illinois Property? Call me at 773-987-8224 Chicago Real Estate Listings, Chicago ShortSale Homes For Sale, Chicago Pre Foreclosure Houses, Chicago Condos, Townhouses, Investment Properties, Luxury Homes, Bank Owned Foreclosed Proeprties, Chicago Foreclosure MLS Listings, New Construction, Waterfront Properties, Horse/ Equestrian/ Equine Properties, Golf Course Properties in Chicago and Suburbs of Chicago and Northern Illinois.

*Information and links contained on this site are provided for informational purposes only and should not be treated as legal advice. Promotional offers advertised here (if any) are good for services through MICHAEL SORENSEN ONLY and not valid through any other RE/MAX Agent or Broker. Each RE/MAX office is independently owned and operated.