Calculators: Mortgage Comparison 15-Year vs. 30-Year

Determining which mortgage term is right for you can be a challenge. Use this calculator to compare these two mortgage terms and help you decide which one makes most sense for your financial situation.




Financial Calculators from
Dinkytown.net

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Mortgage Calculators
$0k
$200k
$500k
$1m
0%
20%
40%
60%
1%
9%
17%
25%
1%
9%
17%
25%
0
0

Please view the report to see detailed calculation results.

Please view the report to see detailed calculation results.

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. You can use the table below to assist you in estimating your Federal tax rate. Use the table below to assist you in estimating your Federal 2013 tax rate.
Filing Status and Income Tax Rates 2013*
Tax RateMarried Filing Jointly or Qualified Widow(er)SingleHead of HouseholdMarried Filing Separately
10%$0 - $17,850$0 - $8,925$0 - $12,750$0 - $8,925
15%$17,850 - $72,500$8,925 - $36,250$12,750 - $48,600$8,925 - $36,250
25%$72,500 - $146,400$36,250 - $87,850$48,600 - $125,450$36,250 - $73,200
28%$146,400 - $223,050$87,850 - $183,250$125,450 - $203,150$73,200 - $111,525
33%$223,050 - $398,350$183,250 - $398,350$203,150 - $398,350$111,525 - $199,175
35%$398,350 - $450,000$398,350 - $400,000$398,350 - $425,000$199,175 - $225,000
39.6%over $450,000over $400,000over $425,000over $225,000
*Caution: Do not use these tax rate schedules to figure 2012 taxes. Use only to figure 2013 estimates. Source: 2013 preliminary tax brackets subject to correction http://www.irs.gov
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.



Information and interactive calculators are made available to you as self-help tools for your independent use. We cannot 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.