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.

Appraiser in Atlanta, GHA, provides you a professional appraiser team in Atlanta for residential real estate in Atlanta Georgia. GHA has been in an appraiser in Atlanta real estate for the last 24 years.

We are your appraiser in Atlanta Georgia and serve counties including Bartow County and Clayton County. Our appraisal professionals in Atlanta Georgia also serve Atlanta Georgia counties including Cherokee County, Cobb County, Dekalb County, Douglas County, Fayette County, Forsyth County, Fulton County, Gwinnett County, Henry County, Paulding County, Pickens County, Rockdale County and Cherokee County.