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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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| 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. |
Please note that most of the financial calculators require a Java enabled browser. For best results use Internet Explorer 4.0 and higher or Netscape Navigator 4.0 and higher. Information and interactive calculators are made available to you as self-help tools for your independent use. We can not 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.
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Equal Housing Lender. Casa Blanca Mortgage, Inc., DBA Shearsons Mortgage. Some products may not be available in all states. ©2005 Shearsons Mortgage. All rights reserved.
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