15 vs. 30 Year Mortgage

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.

Javascript is required for this calculator. If you are using Internet Explorer, you may need to select to 'Allow Blocked Content' to view this calculator.

For more information about these these financial calculators please visit: Dinkytown.net Financial Calculators from KJE Computer Solutions, Inc.

Financial Calculators from
Dinkytown.net

Mortgage Inputs
Press spacebar to hide inputs

Mortgage amount:

Your marginal tax 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. Use the ‘Filing Status and Income Tax Rates Table’ to assist you in estimating your federal tax rate.

Filing Status and Income Tax Rates 2018^*
Tax Rate	Married Filing Jointly or Qualified Widow(er)	Single	Head of Household	Married Filing Separately
10%	$0 - $19,050	$0 - $9,525	$0 - $13,600	$0 - $9,525
12%	$19,050 - $77,400	$9,525 - $38,700	$13,600 - $51,800	$9,525 - $38,700
22%	$77,400 - $165,000	$38,700 - $82,500	$51,800 - $82,500	$38,700 - $82,500
24%	$165,000 - $315,000	$82,500 - $157,500	$82,500 - $157,500	$82,500 - $157,500
32%	$315,000 - $400,000	$157,500 - $200,000	$157,500 - $200,000	$157,500 - $200,000
35%	$400,000 - $600,000	$200,000 - $500,0000	$200,000 - $500,000	$200,000 - $300,000
37%	Over $600,000	Over $500,000	Over $500,000	Over $300,000
^*Caution: Do not use these tax rate schedules to figure 2017 taxes. Use only to figure 2018 estimates. Source: 2017 Tax Cuts and Jobs Act

Interest rate for 15 years:

Interest rate for 30 years:

15 year monthly payment:

30 year monthly payment:

Please view the report to see detailed results in tabular form.

Monthly Payments
press spacebar to hide graph

Please view the report to see detailed results in tabular form.

Principal Balance by Year
press 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.
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. Use the ‘Filing Status and Income Tax Rates Table’ to assist you in estimating your federal tax rate.
Filing Status and Income Tax Rates 2018^*
Tax Rate Married Filing Jointly or Qualified Widow(er) Single Head of Household Married Filing Separately
10% $0 - $19,050 $0 - $9,525 $0 - $13,600 $0 - $9,525
12% $19,050 - $77,400 $9,525 - $38,700 $13,600 - $51,800 $9,525 - $38,700
22% $77,400 - $165,000 $38,700 - $82,500 $51,800 - $82,500 $38,700 - $82,500
24% $165,000 - $315,000 $82,500 - $157,500 $82,500 - $157,500 $82,500 - $157,500
32% $315,000 - $400,000 $157,500 - $200,000 $157,500 - $200,000 $157,500 - $200,000
35% $400,000 - $600,000 $200,000 - $500,0000 $200,000 - $500,000 $200,000 - $300,000
37% Over $600,000 Over $500,000 Over $500,000 Over $300,000
^*Caution: Do not use these tax rate schedules to figure 2017 taxes. Use only to figure 2018 estimates. Source: 2017 Tax Cuts and Jobs Act
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.

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 cannot 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.