Click on the Title Bar for Mortgage Calculators
Zeke Chancey, 260-6915 Your Mortgage Professional,
E-mail:mailto:Ezekial.Chancey@mortgagefamily.com
Which is better: a 15 or 30 year mortgage term?
15 year term saves you $69,762, but costs an additional $228 per month.
A 15 year mortgage term will save you $69,762 in interest, but only if you can afford an additional $228 per month. Total payments for a $100,000, 15 year mortgage at 6.000% is $151,894. Total payments for the same loan with a 30 year mortgage at 6.250% is $221,656.
Mortgage Comparison
15 year mortgage 30 year mortgage
Loan amount $100,000 $100,000
Interest rate 6.000% 6.250%
Monthly payment $843.86 $615.72
Total interest $51,894 $121,656
Total payments $151,894 $221,656
Interest and Income Taxes
Changing your mortgage term can make a difference in not only the interest you pay, but your income taxes. A longer mortgage term can increase your income tax deduction. Take a look at the results below, to see how the different terms stack up.
Interest and Income Tax Comparison
15 year mortgage 30 year mortgage
First months interest $500.00 $520.83
First months principal $343.86 $94.89
First years interest $5,885 $6,217
First years tax savings $1,471 $1,554
Avg. years tax savings $865 $1,014
15 Year Payment schedule
--------------------------------------------------------------------------------
Year
Total
Payments
Principal
Paid
Interest
Paid Ending
Principal
Balance
$100,000.00
1 $10,126.32 $4,241.72 $5,884.60 $95,758.28
2 $10,126.32 $4,503.33 $5,622.99 $91,254.95
3 $10,126.32 $4,781.09 $5,345.23 $86,473.86
4 $10,126.32 $5,075.96 $5,050.36 $81,397.90
5 $10,126.32 $5,389.03 $4,737.29 $76,008.87
6 $10,126.32 $5,721.44 $4,404.88 $70,287.43
7 $10,126.32 $6,074.32 $4,052.00 $64,213.11
8 $10,126.32 $6,448.99 $3,677.33 $57,764.12
9 $10,126.32 $6,846.70 $3,279.62 $50,917.42
10 $10,126.32 $7,269.02 $2,857.30 $43,648.40
11 $10,126.32 $7,717.36 $2,408.96 $35,931.04
12 $10,126.32 $8,193.33 $1,932.99 $27,737.71
13 $10,126.32 $8,698.69 $1,427.63 $19,039.02
14 $10,126.32 $9,235.20 $891.12 $9,803.82
15 $10,125.32 $9,803.82 $321.50 $0.00
30 Year Payment schedule through 15 years
--------------------------------------------------------------------------------
Year
Total
Payments
Principal
Paid
Interest
Paid Ending
Principal
Balance
$100,000.00
1 $7,388.64 $1,171.84 $6,216.80 $98,828.16
2 $7,388.64 $1,247.21 $6,141.43 $97,580.95
3 $7,388.64 $1,327.44 $6,061.20 $96,253.51
4 $7,388.64 $1,412.82 $5,975.82 $94,840.69
5 $7,388.64 $1,503.68 $5,884.96 $93,337.01
6 $7,388.64 $1,600.40 $5,788.24 $91,736.61
7 $7,388.64 $1,703.35 $5,685.29 $90,033.26
8 $7,388.64 $1,812.90 $5,575.74 $88,220.36
9 $7,388.64 $1,929.52 $5,459.12 $86,290.84
10 $7,388.64 $2,053.63 $5,335.01 $84,237.21
11 $7,388.64 $2,185.71 $5,202.93 $82,051.50
12 $7,388.64 $2,326.31 $5,062.33 $79,725.19
13 $7,388.64 $2,475.92 $4,912.72 $77,249.27
14 $7,388.64 $2,635.20 $4,753.44 $74,614.07
15 $7,388.64 $2,804.71 $4,583.93 $71,809.36
E-mail:kensellshomes@aol.com
KenSellsHomes
918-260-9932
--------------------------------------------------------------------------------
Zeke Chancey and Coldwell Banker Mortgage provide mortgage information as a service to my blog. Coldwell Banker, Coldwell Banker RaderGroup and Ken Rutherford are not associated with Colwell Banker Mortgage.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
918-260-9932
kensellshomes
Zeke Chancey, 260-6915 Your Mortgage Professional,
E-mail:mailto:Ezekial.Chancey@mortgagefamily.com
Which is better: a 15 or 30 year mortgage term?
15 year term saves you $69,762, but costs an additional $228 per month.
A 15 year mortgage term will save you $69,762 in interest, but only if you can afford an additional $228 per month. Total payments for a $100,000, 15 year mortgage at 6.000% is $151,894. Total payments for the same loan with a 30 year mortgage at 6.250% is $221,656.
Mortgage Comparison
15 year mortgage 30 year mortgage
Loan amount $100,000 $100,000
Interest rate 6.000% 6.250%
Monthly payment $843.86 $615.72
Total interest $51,894 $121,656
Total payments $151,894 $221,656
Interest and Income Taxes
Changing your mortgage term can make a difference in not only the interest you pay, but your income taxes. A longer mortgage term can increase your income tax deduction. Take a look at the results below, to see how the different terms stack up.
Interest and Income Tax Comparison
15 year mortgage 30 year mortgage
First months interest $500.00 $520.83
First months principal $343.86 $94.89
First years interest $5,885 $6,217
First years tax savings $1,471 $1,554
Avg. years tax savings $865 $1,014
15 Year Payment schedule
--------------------------------------------------------------------------------
Year
Total
Payments
Principal
Paid
Interest
Paid Ending
Principal
Balance
$100,000.00
1 $10,126.32 $4,241.72 $5,884.60 $95,758.28
2 $10,126.32 $4,503.33 $5,622.99 $91,254.95
3 $10,126.32 $4,781.09 $5,345.23 $86,473.86
4 $10,126.32 $5,075.96 $5,050.36 $81,397.90
5 $10,126.32 $5,389.03 $4,737.29 $76,008.87
6 $10,126.32 $5,721.44 $4,404.88 $70,287.43
7 $10,126.32 $6,074.32 $4,052.00 $64,213.11
8 $10,126.32 $6,448.99 $3,677.33 $57,764.12
9 $10,126.32 $6,846.70 $3,279.62 $50,917.42
10 $10,126.32 $7,269.02 $2,857.30 $43,648.40
11 $10,126.32 $7,717.36 $2,408.96 $35,931.04
12 $10,126.32 $8,193.33 $1,932.99 $27,737.71
13 $10,126.32 $8,698.69 $1,427.63 $19,039.02
14 $10,126.32 $9,235.20 $891.12 $9,803.82
15 $10,125.32 $9,803.82 $321.50 $0.00
30 Year Payment schedule through 15 years
--------------------------------------------------------------------------------
Year
Total
Payments
Principal
Paid
Interest
Paid Ending
Principal
Balance
$100,000.00
1 $7,388.64 $1,171.84 $6,216.80 $98,828.16
2 $7,388.64 $1,247.21 $6,141.43 $97,580.95
3 $7,388.64 $1,327.44 $6,061.20 $96,253.51
4 $7,388.64 $1,412.82 $5,975.82 $94,840.69
5 $7,388.64 $1,503.68 $5,884.96 $93,337.01
6 $7,388.64 $1,600.40 $5,788.24 $91,736.61
7 $7,388.64 $1,703.35 $5,685.29 $90,033.26
8 $7,388.64 $1,812.90 $5,575.74 $88,220.36
9 $7,388.64 $1,929.52 $5,459.12 $86,290.84
10 $7,388.64 $2,053.63 $5,335.01 $84,237.21
11 $7,388.64 $2,185.71 $5,202.93 $82,051.50
12 $7,388.64 $2,326.31 $5,062.33 $79,725.19
13 $7,388.64 $2,475.92 $4,912.72 $77,249.27
14 $7,388.64 $2,635.20 $4,753.44 $74,614.07
15 $7,388.64 $2,804.71 $4,583.93 $71,809.36
E-mail:kensellshomes@aol.com
KenSellsHomes
918-260-9932
--------------------------------------------------------------------------------
Zeke Chancey and Coldwell Banker Mortgage provide mortgage information as a service to my blog. Coldwell Banker, Coldwell Banker RaderGroup and Ken Rutherford are not associated with Colwell Banker Mortgage.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
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