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.


HomeLoans Inc. and HLI Mortgage are  family owned businesses headquartered in Canyon Lake California. We also have offices in Rancho Bernardo, Perris California and Northern Michigan. While we offer a vast number of mortgage products to meet the unique needs of our clients, we take pride in giving each client personal service. We recognize the fact that many of our clients are new to the mortgage process and may need additional help getting from start to finish. That is why everyone on the HLI team is committed to being available to our clients.  For more information of our the various products we have and services we offer simply click on the "Products & Services" tab.  If you would like to speak directly to the President of HLI simply call him at: 1 951 712 5070.

Hal Ballew, Broker
HomeLoans Inc. is proud to recommend HomePros Real Estate and Southern California Escrow Inc.  For more information on these fine companies contact me.


HomeLoans Inc 31534 Railroad Canyon Rd CA Dept of Real Estate Broker 01250414 Canyon Lake, CA 92587
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