Which
is better - a 30 or 15 year mortgage?
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| This loan comparison calculator
will compare a 30 and 15 year mortgage.
If you'd like, you can also enter your
own mortgage terms. As you will see,
a 15 year mortgage will allow you substantial
interest savings. However, the increased
monthly payment might not be affordable.
Consult a financial advisor for a more
specific estimate of the benefits to
you.
Place your cursor in the fields and
fill in the requested information to
the best of your knowledge. Use the
tab key on your keyboard to move through
the form. Once the required fields are
completed, the form will automatically
populate with the information you have
requested.
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Loan Information |
$
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How much do you plan to borrow? |
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% |
What is the interest rate
of the new home loan? |
30
Year Mortgage |
15
Year Mortgage |
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What is the term of the mortgage?
(number of years financed).
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This is what your calculated
monthly payment would be. |
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This is the total amount
you will pay per year. |
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This is the total amount
you will pay over the term of the loan. |
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This is the total amount
of interest you will pay on the loan. |
| As you can see, the total
interest you pay over the life of a loan
decreases as you decrease the number of
years the loan is amortized. There is
a serious drawback, though. Your monthly
payment can increase significantly, therefore,
weigh your options very carefully. Talk
to a financial advisor who can help you
decide what's best for you. |
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Note: This calculator
is provided to give you a general idea.
We cannot guarantee the accuracy or the
applicability to your situation. Please
consult a qualified professional. If you
use a 0% interest value, the calculator
will automatically use a default value
of .001. Please be aware that the values
may vary slightly. |
