Welcome > Resources > Mortgage Calculators > 15 vs. 30 Year Mortgages ...

15 vs. 30 Yr Mortgages

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.

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.

The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't 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.

"A model of how the Internet can facilitate the process of deciding where to send your children to school" - America's Best School Profiles by The Heritage Foundation Tennessee Public, Private and Charter Schools: Compare them using these top-rated, comprehensive reports.   Schools in Morristown, Dandridge and Jefferson City

Financing Your Home >FHA Advisory If you are in default on an FHA-insured mortgage, and the lender intends to foreclose, you should know about the Mortgage Assignment Program. You will have to provide certain information to the FHA to apply for this program. To be considered eligible for assistance, the home must your principal residence. You must be at least three full payments behind on the mortgage, and the reason for your failure to make the mortgage payments must be due to circumstances beyond your control, such as unexpected unemployment. The FHA must be reasonably certain that you can resume making the payments at the end of 36 months and that the accrued deficiencies will be paid back before taking over the loan. The Veteran's Administration also has a mortgage assistance program for those who have VA mortgages. See All Tips In The "Financing Your Home" Category > See Complete Library Of Hundreds Of Tips In 30+ Categories >

Q  What is a VA home loan? A  The Office of Veterans Affairs guarantees small or no-down payment mortgage loans made by lenders to U.S. veterans. See More Real Estate Trivia >

Rhonda Krenzer, ABR, CRS, GRI, MBA, Broker RE/MAX Real Estate Ten 525 West Morris Blvd. Suite F Morristown, TN 37813 Office: 423-289-0030 Fax: 423-587-9450 Cell Phone: 423-312-4488 Email : Info@rhondakrenzer.com “My prescription for success is pretty simple. Just combine equal amounts of determination, focus and hard work and practically anything is possible. This is the approach I use with my family and my clients.” Rhonda Krenzer, ABR, CRS, GRI, MBA, Broker www.rhondakrenzer.com is brought to you by Rhonda Krenzer NUMBER1EXPERT™ in real estate for Morristown, Dandridge and Jefferson City, Tennessee Read Rhonda Krenzer's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge

NUMBER1EXPERT®
© Best Image Marketing and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.