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Calculators

15 Year vs. 30 Year Mortgage

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 balance of 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 possible income tax savings by deducting your mortgage interest. You can use the table below to assist you in estimating your Federal tax rate.

Filing Status and Income Tax Rates 2015*
Tax Rate Married Filing Jointly or Qualified Widow(er) Single Head of Household Married Filing Separately
10% $0 - $18,450 $0 - $9,225 $0 - $13,150 $0 - $9,225
15% $18,450 - $74,900 $9,225 - $37,450 $13,150 - $50,200 $9,225 - $37,450
25% $74,900 - $151,200 $37,450 - $90,750 $50,200 - $129,600 $37,450 - $75,600
28% $151,200 - $230,450 $90,750 - $189,300 $129,600 - $209,850 $75,600 - $115,225
33% $230,450 - $411,500 $189,300 - $411,500 $209,850 - $411,500 $115,225 - $205,750
35% $411,500 - $464,850 $411,500- $413,200 $411,500 - $439,000 $205,750 - $232,425
39.6% over $464,850 over $413,200 over $439,000 over $232,425
*Caution: Do not use these tax rate schedules to figure 2014 taxes. Use only to figure 2015 estimates. Source: 2014 Rev. Proc. 2014-61

Monthly payment

Monthly principal and interest payment (PI). Both 30 year fixed and 15 year fixed mortgages are shown.

Total payments

Total of all monthly payments made over the full term of the mortgage. Both 30 year fixed and 15 year fixed mortgages are shown.

Total interest

Total of all interest paid over the full term of the mortgage. Both 30 year fixed and 15 year fixed mortgages are shown.

*Please consult with a tax professional regarding mortgage interest deductions and your specific situation.

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