| 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 |
| $ |
How much do you plan to borrow? |
| % |
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. |