Mortgage Calculators

	15 yr. vs. 30 yr. Mortgage Calculator This calculator will help you decide between 15 yr. and 30 yr. fixed interest mortgage.

Loan Amount	$
Interest Rate (15 yr.)	%
Interest Rate (30 yr.)	%

 

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Calculator Help

This calculator will help you choose between two fixed-rate loans with different length. It will calculate your monthly savings as well as the total interest costs of the two loans.

Shorter loan term results in paying less total interest however is associated with higher monthly payment other things being equal. Longer loan length results in lower monthly payment but higher overall interst.

Typically if your loan-to-value (LTV) [?] is more than 80%, the lenders will require that you obtain private mortgage insurance (PMI) [?], however this calculator does not account for PMI. The reason is that today many lenders offer alternatives programs like 80:10:10 [?] or 80:20 [?] which do not require you to pay PMI.

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