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A home loan designed to be paid over a term of 15 years. The interest rate remains the same for the life of the loan. A 15-year mortgage will have a higher monthly payment but a lower interest rate than a 30-year mortgage. Because you pay more toward the principal amount each month, you’ll build equity in your home faster, be out of debt sooner, and save thousands of dollars in interest payments.
A home loan designed to be paid over a term of 30 years. The interest rate remains the same for the life of the loan. A 30-year mortgage will have the lowest monthly payment amount but usually carries the highest interest rate—which means you’ll pay much more over the life of the loan. Unless you like the idea of paying thousands of dollars more for your home than you have to and staying in debt twice as long as you need to, opt for a 15-year mortgage if you’re not paying cash for your home.
A home loan designed to be paid over a term of 30 years. The interest rate does not change for the first five years of the loan. After that time period, however, it adjusts annually based on market trends until the loan is paid off. The interest rates are usually comparable to a 30-year mortgage, but ARMs transfer the risk of rising interest rates to you—the homeowner. Right now, interest rates are incredibly low, and they have been for some time. But once rates start to adjust, there’s a 50% possibility they will go up!
A monthly mortgage payment is made up of many different costs. Our mortgage calculator’s payment breakdown can show you exactly where your estimated payment will go: principal and interest (P&I), homeowner’s insurance, property taxes, and private mortgage insurance (PMI).
Don’t know which mortgage is right for you? Use our mortgage calculator to estimate the cost of different loan types and compare interest paid for a 15-year mortgage and a 30-year mortgage. You may be surprised to see how much you can save in interest by getting a 15-year fixed-rate mortgage.
Considering what to offer on a home? Change the home price in the loan calculator to see if going under or above the asking price still fits within your budget.
You can also use our mortgage payment calculator to see the impact of making a higher down payment. A higher down payment will lower your monthly payments not only because it reduces the amount of money you borrow, but also because it can help you qualify for a lower interest rate. In some cases, a down payment of at least 20% of the home’s purchase price can help you avoid paying private mortgage insurance (PMI).