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.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

CU Mortgage Division - Located at O Bee Credit Union
8665 Martin Way E, Lacey, WA 98516

E-Mail: wm(at)cumortgagedivision.com
Ph: (360) 539-4687
Fax: (253) 320-7539

Mailing Address: PO Box 489, Tenino, WA 98589-0489

 

 

CU Mortgage Division proudly serves all Residents of Washington State. CU Mortgage Division is a branch of Network Funding L.P. (NMLS# # 2297 ) a Direct Mortgage Lender. This branch of Network Funding is licensed by the Washington State Department of Financial Institutions, Consumer Loan License #520-CL-26248-425529 / NMLS # 65808

Copyright © 2010 CU Mortgage Division a Branch of Network Funding L.P. 

 

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