Mortgage & Home Equity
|Loan Programs, Rates & Fees||Your Application||Your Property|
|Closing & Beyond||Calculators||Glossary|
|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.
- Mortgage amount
- Original or expected balance for your mortgage.
- Interest rate
- 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. Use the table below to assist you in estimating your Federal 2013 tax rate.
Filing Status and Income Tax Rates 2013* Tax rate Married Filing Jointly or Qualified Widow(er) Single Head of household Married 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 $450,000 over $400,000 over $425,000 over $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. This does not include escrows for items such as homeowner's insurance and real estate taxes.
- Total payments
- Total of all monthly payments over the full term of the mortgage. Both 30 year and 15 year mortgages are shown for comparison.
- Total interest
- Total of all interest paid over the full term of the mortgage. Both 30 year and 15 year mortgages are shown for comparison.
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