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Saratoga 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.
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.
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