15 vs. 30 Yr Mortgages

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.

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.

The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't 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.

---

"A model of how the Internet can facilitate the process of deciding where to send your children to school" - America's Best School Profiles by The Heritage Foundation Louisiana Public, Private and Charter Schools: Compare them using these top-rated, comprehensive reports.   Schools in Bossier City, Shreveport and Haughton

---

Real Estate Tips Remodeling and Renovations >Remodel Or Move       Your family has outgrown your home but you have roots in the community that make it difficult to leave. Is remodeling the solution?       Get professional advice before you jump into a major renovation project. Decide what changes you want to make, and get bids from several contractors. When you have an estimate on the cost of the project, talk to your real estate agent to determine if these changes will be cost-effective. Over-improving your home may make it difficult to get your money back if you sell it soon.       It is a good idea to talk with friends who have remodeled to get a realistic picture about working with contractors and to determine how disruptive the project will be to your family life. Remodeling a home is a major undertaking, so be sure that it is the best solution for you.       See All Tips In The "Remodeling and Renovations" Category > See Complete Library Of Hundreds Of Tips In 30+ Categories >

---

Real Estate Trivia Q  What does the abbreviation PITI stand for? A  Principal, Interest, Taxes and Insurance are the four major items included in a monthly mortgage payment. See More Real Estate Trivia >

---

Print This Page

Send To A Friend

---

Patricia Keith Coldwell Banker J. Wesley Dowling & Assoc 2146 Airline Dr. Suite 100 Boissier City, LA 71111 318-393-0655 Fax: 318-742-3017 pat@patkeith.com www.PatKeith.com is brought to you by Patricia Keith NUMBER1EXPERT in real estate for Bossier City, Shreveport and Haughton, Louisiana Read Patricia Keith's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge

---

NUMBER1EXPERT®
© Best Image Marketing and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.