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.

GOOD REASONS TO HAVE JOHN WORK FOR YOU:

Realtor and Licensed Associate Broker in the Commonwealth of Virginia
Over 20 years of local real estate experience
Member of two local MLS systems (Harrisonburg-Rockingham and Greater Augusta Association of REALTORS)
Multi-million dollar producer
Graduate, Realtors Institute (G.R.I.)
CRS designation (Certified Residential Specialist)
2005 President of the Harrisonburg-Rockingham Association of Realtors (HRAR)
Current Honor Society member and Professional Standards Committee member
HRAR Realtor of the Year in 1984 and 2005
Sponsor and member of the Harrisonburg Tennis Patrons
For the best local property search go to http://JohnMauzy.CBFunkhouser.com

Coldwell Banker Funkhouser Realtors 401 University Blvd (Between the Valley Mall & JMU campus) Harrisonburg, VA 22801

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