Mortgage comparison: 15 years vs. 30 years

Determining which mortgage term is right for you can be a challenge. With a 15 year mortgage you will pay significantly less interest, but only if you can afford the higher monthly payment. Use this calculator to compare these two mortgage terms, and let us help you decide which term is better for you.

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Definitions

Mortgage amount: Original or expected balance for 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 your potential income tax savings by deducting your mortgage interest.
Monthly payment: Monthly principal and interest payment (PI). Both 30 year and 15 year mortgages are shown.
Total payments: Total of all monthly payments over the full term of the mortgage. Both 30 year and 15 year mortgages are shown.
Total interest: Total of all interest paid over the full term of the mortgage. Both 30 year and 15 year mortgages are shown.

The Peggy Ann Fairleigh Realtor Team has a selection of luxury homes, townhomes and spacious condos all across Louisville, St Matthews, Jeffersontown, and East Louisville. We routinely purchase and sell estate homes, downtown Louisville condos lofts and Jefferson County, Oldham County real estate. We are Lousiville's best Realtors working for you. Whether you are buying your first condo in downtown Lousiville or you are selling an estate home in Prospect, our team of Realtors will exceed your expectations. As your full-service real estate concierge, you are able to sit back, relax, and let us take care of your every need.

You can search our Louisville MLS search to view all homes, condos and land for sale in the area. This search is updated daily with all new listings. This is a great way to learn the Louisville, Kentucky real estate market. Please let us know if you are looking for a Louisville Realtors.

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