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The length of your mortgage is a key factor in determining your overall homeownership costs.
The 30-year, fixed-rate mortgage has long been the most popular among American homebuyers. But in recent years, an increasing number of people have opted for 15-year loans. The shorter term means you'll pay less in interest charges over the life of the loan. But your monthly payments will also be higher. This calculator will help you figure the short-term and long-term costs associated with 15-year and 30-year fixed-rate mortgages.
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 cannot 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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