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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For more information these financial calculators please visit: Financial Calculators from KJE Computer Solutions, LLC

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.

To search homes - Click Find a Home. An alternative and better way is to contact me so I can activate your Listingbook account. You'll search your dream home just like an agent belonging to the Multiple Listing Service of Long Island. You can custom your search to communities you desire, the price range, number of bedrooms and baths, style, amenities, etc. You'll be first to know about price changes and new listings as they get into MLS.

To find out sold homes in your area - Click Sold Properties. Educate yourself about home prices in your neighborhood and those sold through the Multiple Listing Service of Long Island within the past six months to a year. If you are thinking of selling your home contact me so I can perform a thorough research and up-to-date information about the local market.