15 vs. 30 Year Mortgage Calculator: Which is Right for Me?
It’s one of the first decisions to make when getting a fixed-term mortgage – which to choose between a 15 vs. 30 year mortgage? The answer differs from person to person, which is why we put together this easy 15 vs. 30 year mortgage calculator to help you decide which loan term is best for you.
By comparing the terms of your prospective 15 vs. 30 year mortgage, you can determine which is the best option. The 30 year mortgage is far more common, for the obvious reason that it allows people to cut their monthly mortgage payments by half.
However, there are a lot of reasons why a shorter-term 15 year mortgage may wind up saving you money in the long run. One of the major differences in a 15 vs. 30 year mortgage is the interest rate. Since a 15 year mortgage means the bank will be getting its money back so much sooner, they’re able to charge a smaller interest rate – often anywhere from a quarter of a percent to a full percent less.
This can add up to quite a bit over the course of 15 or 30 years. Just how much? Is the long-term savings worth the immediate monthly costs? Enter your information in the calculator below and then contact one of our home purchase experts to help you get started on the fixed-term mortgage that’s best for you!