Mortgage comparison: 15 years vs. 30 years
It can be a challenge to determine what is the right mortgage for you. With a 15-year mortgage you'll pay much less in interest but have to make much larger monthly payments. A 30-year loan provides more manageable payments, but by doubling the repayment period, the interest tally mounts.
Mortgage Calculators
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.You can use the table below to assist you in estimating your Federal tax rate for 2011.
- 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.
| Filing Status and Income Tax Rates 2011 Caution: Do not use these tax rate schedules to figure 2010 taxes. Use only to figure 2011 estimates. | ||||
|---|---|---|---|---|
| Tax rate | Married filing jointly or qualified widow(er) | Single | Head of household | Married filing separately |
| 10% | $0 - 17,000 | $0 - 8,500 | $0 - $12,150 | $0 - 8,500 |
| 15% | $17,000 - 69,000 | $8,500 - 34,500 | $12,150 - 46,250 | $8,500 - 34,500 |
| 25% | $69,000 - 139,350 | $34,500 - 83,600 | $46,250 - 119,400 | $34,500 - 69,675 |
| 28% | $139,350 - 212,300 | $83,600 - 174,400 | $119,400 - 193,350 | $69,675 - 106,150 |
| 33% | $212,300 - 379,150 | $174,400 - 379,150 | $193,350 - 379,150 | $106,150 - 189,575 |
| 35% | over $379,150 | over $379,150 | over $379,150 | over $189,575 |
Mortgage
MORTGAGE
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