Mortgage Compare Calculator
Determining which mortgage term is right for you can be a challenge. With a shorter 15-year mortgage, you will pay significantly less interest than a 30-year mortgage - but only if you can afford the higher monthly payment. Use this calculator for a comparison of a 15- vs. 30-year mortgage.
Mortgage InputsPress spacebar to hide inputs |
Monthly Paymentspress spacebar to hide graph |
Principal Balance by Yearpress spacebar to show graph |
Definitions
Mortgage amount
Original balance of your mortgage.
Interest rate
Annual interest rate for your mortgage. Interest rates are generally lower for shorter-term mortgages. Please note that the interest rate is different from the Annual Percentage Rate (APR), which includes other expenses such as mortgage insurance, and the origination fee and or point(s), which were paid when the mortgage was first originated. The APR is normally higher than the simple interest rate.
Marginal tax rate
This is your combined state and federal tax rate. This is used to calculate possible income tax savings by deducting your mortgage interest. Please consult with a tax professional regarding mortgage interest deductions and your specific situation. Use the ‘Filing Status and Federal Income Tax Rates’ table to assist you in estimating your federal tax rate.
| Tax Rate | Married Filing Jointly or Qualified Widow(er) | Single | Head of Household | Married Filing Separately |
|---|---|---|---|---|
| *Caution: Do not use these tax rate schedules to figure 2020 taxes. Use only to figure 2021 estimates. Source: Rev. Proc. 2020-45 | ||||
| 10% | $0 - $19,900 | $0 - $9,950 | $0 - $14,200 | $0 - $9,950 |
| 12% | $19,900 - $81,050 | $9,950 - $40,525 | $14,200 - $54,200 | $9,950 - $40,525 |
| 22% | $81,050 - $172,750 | $40,525 - $86,375 | $54,200 - $86,350 | $40,525 - $86,375 |
| 24% | $172,750 - $329,850 | $86,375 - $164,925 | $86,350 - $164,900 | $86,375 - $164,925 |
| 32% | $329,850 - $418,850 | $164,925 - $209,425 | $164,900 - $209,400 | $164,925 - $209,425 |
| 35% | $418,850 - $628,300 | $209,425 - $523,600 | $209,400 - $523,600 | $209,425 - $314,150 |
| 37% | Over $628,300 | Over $523,600 | Over $523,600 | Over $314,150 |
Monthly payment
Monthly principal and interest payment (PI). Both 30-year fixed and 15-year fixed mortgages are shown.
Total payments
Total of all monthly payments made over the full term of the mortgage. Both 30-year fixed and 15-year fixed mortgages are shown.
Total interest
Total of all interest paid over the full term of the mortgage. Both 30-year fixed and 15-year fixed mortgages are shown.
