Helpful Mortgage Comparison Calculator Tool
Then helpful 15 year vs. 30 year mortgage comparison calculator tool will help you in deciding what kind of mortgage to go with. When purchasing a new home, you have more options today than every before. Two of the of the more popular loan options are the 30- and 15-year fixed rate mortgage. The 30-year fixed rate has lower monthly mortgage payments but in the long run you are going to pay more in interest. The 15-year fixed rate mortgage will usually have higher monthly mortgage payments but you will save more money in the long run paying less interest. The mortgage comparison calculator is a great tool to help you see the difference for your situation.
The below mortgage comparison calculator is a tool to help you estimate the difference between the interest rates on a 30 year and 15 year mortgage. For a more accurate estimate call us today at Low VA Rates, 1-855-223-0705 or get started online by clicking here.
Mortgage Comparison Calculator Terms
- Mortgage amount
- The anticipated value of the mortgage loan amount.
- Interest rate
- The Percentage of interest charged on either the 15yr or 30yr fixed rate mortgage.
- Marginal tax rate
- The combination of federal marginal tax rate and your property state’s marginal tax rate. This tax rate helps to find out the deductible tax amount on the mortgage.
- Monthly payment
- Calculated amount of principal and interest payed monthly toward the mortgage.
- Total payments
- Total monthly payments calculated over the term of the loan.
- Total interest
- The amount of interest payed over the term of the loan.