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Mortgage Calculator: 15 Year vs. 30 Year Term Calculator

Determining what length mortgage term works best with an individual's particular financial scenario can be a challenging task. That is why, before committing to any length mortgage, it is advisable to analyze the options on the Mortgage Marvel 15 Year vs. 30 Year Term mortgage calculator.

Traditional 30-year fixed rate mortgages are a staple in the mortgage industry. However, with a 15-year mortgage, individuals will pay significantly less interest over the term of the loan. The offset, of course, are the higher monthly payments associated with a 15-year mortgage. Mortgage Marvel's 15 Year vs. 30 Year Term mortgage calculator will allow individuals to compare these two mortgage terms and garner a better idea of which term is better suited for their needs.



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GLOSSARY

Mortgage Amount
In relation to a Mortgage Marvel mortgage calculator this is the original or expected balance of a mortgage.

Interest Rate
The rate charged in order to borrow a lender's money. The interest rate takes into account the risk and cost to the lender for a loan. The interest rate depends on the going market rate and how many discount points are paid up-front. An adjustable rate mortgage's interest is a variable rate determined by the index and the margin.

When the term is used in conjunction with a Mortgage Marvel mortgage calculator, the term specifically applies to the annual interest rate for the mortgage.

Marginal Tax Rate
When the term is used in conjunction with a Mortgage Marvel mortgage calculator it refers to the combined state and federal tax rate. This is used to calculate the potential income tax savings by deducting mortgage interest. The chart linked below can be used to estimate tax brackets based on Federal 2013 taxable income. Information about estimating state tax rate can be found at http://www.taxadmin.org/fta/rate/ind_inc.pdf

Monthly Payment
The monthly principal and interest payment (P&I). Both 30-year and 15-year mortgages are shown.

Total Payments
The total of all monthly payments over the full term of the mortgage. Both the 30-year and 15-year mortgages are shown on the 15 Year vs. 30 Year Term mortgage calculator.

Total Interest
The total of all interest paid over the full term of a mortgage. Both 30-year and 15-year mortgages are shown.


Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.