15 Year vs 30 Year Loan Calculator

This calculator will compare a 15 and 30 year home loan. You can also enter the terms of your current mortgage (if you have one). A 15 year mortgage will allow you substantial interest savings, but the increased monthly payment may not be affordable.

Place your cursor in the fields and fill in the requested information. You can use the tab key on the keyboard to move through the form. Once the required fields are completed, the form will automatically calculate the information you have requested.

Loan Information

How much do you plan to borrow?

What is the interest rate of the new home loan?

30 Year
Mortgage

15 Year
Mortgage

What is the term of the mortgage? (number of years financed).

This is what your calculated monthly payment would be.

This is the total amount you will pay per year.

This is the total amount you will pay over the term of the loan.

This is the total amount of interest you will pay on the loan.

As you can see, the total interest you pay over the life of a loan decreases as you decrease the number of years the loan is amortized. There is a serious drawback, though. Your monthly payment can increase significantly, therefore, weigh your options very carefully. Talk to a financial advisor who can help you decide what's best for you.

Disclaimer: This calculator is provided to give you a general idea. We cannot guarantee the accuracy or the applicability to your situation. Please consult a qualified professional. If you use a 0% interest value, the calculator will automatically use a default value of .001. Please be aware that the values may vary slightly.

Refinance
Use his calculator to help you determine whether you should refinance your current home loan at a lower rate.

Amortization
This calculator will compute a loan's monthly payment amount based on the principal amount borrowed, the length of the loan and the annual interest rate.

Affordability
Need to know how much house can you afford with your income?

Payment
You can use the loan payment calculator to find your monthly principal + interest, your monthly taxes, your monthly insurance, and your total payment.


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