15 vs 30 Year Mortgage Calculator
|15 Year||30 Year|
|Payment:*||$ 912.86||$ 733.76|
|Interest:||$ 64,315.32||$ 164,155.25|
*Payment does not include any escrow.
These calculated results are for general illustration only. Taxes, closing costs and other variables will affect actual savings
You will save $ 99,839.93 if you choose a 15-year mortgage at 7.250 percent over a 30-year mortgage at 8.000 percent. But before you conclude that the 15-year mortgage is preferable, consider these points.