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Mortgage Center



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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
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. Use the table below to assist you in estimating your federal 2014 tax rate.
Filing Status and Income Tax Rates 2014*
Tax rate Married Filing Jointly or Qualified Widow(er) Single Head of household Married filing separately
10% $0 - $18,150 $0 - $9,075 $0 - $12,950 $0 - $9,075
15% $18,150 - $73,800 $9,075 - $36,900 $12,950 - $49,400 $9,075 - $36,900
25% $73,800 - $148,850 $36,900 - $89,350 $49,400 - $127,550 $36,900 - $74,425
28% $148,850 - $226,850 $89,350 - $186,350 $127,550 - $206,600 $74,425 - $113,425
33% $226,850 - $405,100 $186,350 - $405,100 $206,600 - $405,100 $113,425 - $202,550
35% $405,100 - $457,600 $405,100 - $406,750 $405,100 - $432,200 $202,550 - $228,800
39.6% over $457,600 over $406,750 over $432,200 over $228,800
*Caution: Do not use these tax rate schedules to figure 2013 taxes. Use only to figure 2014 estimates. Source: 2014 preliminary tax brackets subject to correction http://www.irs.gov

Monthly payment
Monthly principal and interest payment (PI). Both 30 year and 15 year mortgages are shown. This does not include escrows for items such as homeowner's insurance and real estate taxes.
Total payments
Total of all monthly payments over the full term of the mortgage. Both 30 year and 15 year mortgages are shown for comparison.
Total interest
Total of all interest paid over the full term of the mortgage. Both 30 year and 15 year mortgages are shown for comparison.
This calculator is for illustrative purposes only. The information shown is designed to provide basic information about mortgage financing. Please consult with your tax advisor to determine the tax impact of home ownership and interest deductibility for your individual circumstances.


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