> home > 15 Year vs 30 Year calculator
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.

 

 
 
     
 

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