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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.

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.

Joan Pike provides Ithaca, New York real estate information and resources to guide homeowners and homebuyers through the process of selling and buying a house, condo or other Ithaca realty property. Joan Pike has services to helps you find everything you need, get the value of your Ithaca home and a comparative market analysis (CMA), view Ithaca real estate and MLS listings, prepare your home for sale, and more. My real estate library contains articles to help anyone selling a home or buying a home learn more about Ithaca realty services. Through our partners, we also provide real estate and financial services to consumers looking for houses for sale or selling their home in Ithaca, NY, such as mortgages, credit history, new homes, foreclosures and other services. If you plan to do for sale by owner (FSBO), my website can connect you to Ithaca real estate resources and agencies to sell or buy a home. Whether you say REALTOR®, "Realator" or "Realter", realty, "realety" or "reality", real estate or "realestate", I speak your language.