15 Year vs 30 Year Mortgage Calculator
Our 15-Year Versus 30-Year Mortgage Calculator will help you compare the benefits of having a shorter versus a longer loan term.*
For example, if the mortgage rate on both loans is the same or very close, you will have a higher monthly mortgage payment on a 15-year loan, but you will save money over the life of your loan because you will be paying less interest.
If you choose a 30-year loan, you will pay more money over the life of your loan. However, 30-year loans are quite popular because the monthly mortgage payment can be much lower than on a 15-year loan.
Keep in mind that the 15-Year Versus 30-Year Mortgage Calculator merely provides an estimate of the comparative benefits of these two types of loans. You may be able to obtain a lower rate on a 15-year than on a 30-year loan, which could affect your monthly mortgage payment and overall savings.
To get a more precise understanding of the comparative benefits of different loan types, speak with a licensed loan advisor at Freedom Mortgage.
*Consumers should compare the annual percentage rate (APR) of all mortgages they are considering, rather than just looking at the simple interest rate. APR is a more accurate reflection of the cost of a loan because it incorporates the simple interest rate as well as the discount points and other fees and charges of the loan.
This tool is for educational purposes only and does not constitute a commitment for a loan. For a more accurate estimate of how much you can afford to pay each month on a mortgage, call Freedom Mortgage.