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15 years vs. 30 years : You chose the time period, and see how much closer you are to paying off your home with a 15 year mortgage vs a 30 year term. Calculate the difference in your monthly payment if you refinance down to 15 years.

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Mortgage Loan Amount :
Compare Balance after number of months :

LOAN 1
Interest Rate
Length of Loan in Years

LOAN 2
Interest Rate
Length of Loan in Years

Monthly Payment
Remaining Balance

Monthly Payment
Remaining Balance :

Equity built with a 15 year mortgage :

Important Words:

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.