Florida 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.
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.
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