Financial Calculators

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 amountOriginal or expected balance for your mortgage.
Interest rateAnnual interest rate for your mortgage. Interest rates are generally lower for shorter term mortgages.
Marginal tax rateThis is your combined state and federal tax rate. This is used to calculate your potential income tax savings by deducting your mortgage interest.
Monthly paymentMonthly principal and interest payment (PI). Both 30 year and 15 year mortgages are shown.
Total paymentsTotal of all monthly payments over the full term of the mortgage. Both 30 year and 15 year mortgages are shown.
Total interestTotal 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. We can not and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.