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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.

Covering Sonoma County, Northern California. 45 minutes North of the Golden Gate.
Petaluma, Rohnert Park, Sebastopol, Santa Rosa, Windsor, Healdsburg, Geyserville, & Cloverdale.

Privacy Policy:
Your privacy is respected here. I will keep your personal information completely confidential. The personal information you share on this website will not be sold to or shared with anyone else. It will be used solely to answer the question for which it has been provided. If, at any time, you wish to discontinue communication that you have initiated, simply email or phone your request and it will be honored immediately. I do not sell or share Customer information with outside marketers who may want to offer you their products or services.

Data maintained by Coldwell Banker Northern California may not reflect all real estate activity in the market. Information contained herein has been provided by seller/other sources and has not been verified by this broker or its agents. Interested persons should independently verify the accuracy of all information.