Mortgage comparison: 15 years vs. 30 years

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 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.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not 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.


Metro First Realty               

          North Office                                  South Office

3232 W. Britton Road, Suite 277                              1624 Greenbriar Place, Suite 300

Oklahoma City, OK  73120                                       Oklahoma City, OK  73159

Office 405-242-4004                                                   Office 405-703-1333

Fax  405-242-4005                                                      Fax  405-703-1323

 

 

            Edmond                                        Midwest City

          177 W. 15th Street                                                       600 W. Boeing, Suite A

               Edmond, OK  73013                                                   Midwest City, OK  73110

               Office  405-348-9700                                                  Office  405-455-1036

               Fax  405-285-4242                                                      Fax  405-455-2581

 

          One Western Plaza Office             Norman

                5500 N. Western, Ste 285                                          1624 Greenbriar Pl, Ste 300    

                Oklahoma City, OK  73118                                       Oklahoma City, OK  73159

                Office  405-753-4477                                                  Office  405-703-1333                         

                Fax  405-753-4488                                                       Fax  405-703-1323

 

 

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