Mortgage Comparison
Are there advantages to a 15-year versus a 30-year first mortgage loan?
Depending on your tax status, cash flow and financial goals, we think so … look below and you might agree.
Here’s How the 15-Year Advantage Works …
| Interest paid at the end of 10 years |
Interest paid at the end of 15 years |
Interest paid at the end of 30 years |
|
| 30 year loan | $80,872 | $116,487 | $176,840 |
| 15-year loan | $66,166 | $77,300 | $77,300 |
| The 15-year Advantage (Interest Savings) | $14,706 | $39,187 | $99,540 |
| Assumptions: | 15-Year | 30-Year |
| Loan Amount | $100,000 | $100,000 |
| Interest Rate* | 8.50% | 8.50% |
| Monthly Payment | $985 | $769 |
*Assumed interest rates over life of the loans.
Monthly Principal and Interest Chart
Approximate monthly principal and interest payment based upon a 360-month (30-year) loan term*
| Amount | 7.0% | 7.5% | 8.0% | 8.5% | 9.0% | 9.5% | 10.0% | 10.5% | 11.0% | 11.5% | 12.0% |
| 100,000 | 665 | 699 | 734 | 769 | 805 | 841 | 878 | 915 | 952 | 990 | 1,029 |
| 110,000 | 732 | 769 | 807 | 846 | 885 | 925 | 965 | 1,006 | 1,048 | 1,089 | 1,131 |
| 120,000 | 798 | 839 | 881 | 923 | 966 | 1,009 | 1,053 | 1,098 | 1,143 | 1,188 | 1,234 |
| 130,000 | 865 | 909 | 954 | 1,000 | 1,046 | 1,093 | 1,141 | 1,189 | 1,238 | 1,287 | 1,337 |
| 140,000 | 931 | 979 | 1,027 | 1,076 | 1,126 | 1,177 | 1,229 | 1,281 | 1,333 | 1,386 | 1,440 |
| 150,000 | 998 | 1,049 | 1,101 | 1,153 | 1,207 | 1,261 | 1,316 | 1,372 | 1,428 | 1,485 | 1,543 |
| 160,000 | 1,064 | 1,118 | 1,174 | 1,230 | 1,287 | 1,345 | 1,404 | 1,464 | 1,524 | 1,584 | 1,646 |
| 170,000 | 1,131 | 1,188 | 1,247 | 1,307 | 1,368 | 1,429 | 1,492 | 1,555 | 1,619 | 1,683 | 1,749 |
| 180,000 | 1,197 | 1,258 | 1,321 | 1,384 | 1,448 | 1,514 | 1,580 | 1,647 | 1,714 | 1,783 | 1,851 |
| 190,000 | 1,264 | 1,328 | 1,394 | 1,461 | 1,529 | 1,598 | 1,667 | 1,738 | 1,809 | 1,882 | 1,954 |
| 200,000 | 1,330 | 1,398 | 1,468 | 1,538 | 1,609 | 1,682 | 1,755 | 1,829 | 1,905 | 1,981 | 2,057 |
Approximate monthly principal and interest payment based upon a 180-month (15-year) loan term*
| Amount | 7.0% | 7.5% | 8.0% | 8.5% | 9.0% | 9.5% | 10.0% | 10.5% | 11.0% | 11.5% | 12.0% |
| 100,000 | 899 | 927 | 956 | 985 | 1,014 | 1,044 | 1,075 | 1,105 | 1,137 | 1,168 | 1,200 |
| 110,000 | 989 | 1,020 | 1,051 | 1,083 | 1,116 | 1,149 | 1,182 | 1,216 | 1,250 | 1,285 | 1,320 |
| 120,000 | 1,079 | 1,112 | 1,147 | 1,182 | 1,217 | 1,253 | 1,290 | 1,326 | 1,364 | 1,402 | 1,440 |
| 130,000 | 1,169 | 1,205 | 1,242 | 1,280 | 1,319 | 1,357 | 1,397 | 1,437 | 1,478 | 1,519 | 1,560 |
| 140,000 | 1,259 | 1,298 | 1,338 | 1,379 | 1,420 | 1,462 | 1,504 | 1,548 | 1,591 | 1,635 | 1,680 |
| 150,000 | 1,349 | 1,391 | 1,433 | 1,477 | 1,521 | 1,566 | 1,612 | 1,658 | 1,705 | 1,752 | 1,800 |
| 160,000 | 1,438 | 1,483 | 1,529 | 1,576 | 1,623 | 1,671 | 1,719 | 1,769 | 1,819 | 1,869 | 1,920 |
| 170,000 | 1,528 | 1,576 | 1,625 | 1,674 | 1,724 | 1,775 | 1,827 | 1,879 | 1,932 | 1,986 | 2,040 |
| 180,000 | 1,618 | 1,669 | 1,720 | 1,773 | 1,826 | 1,880 | 1,934 | 1,990 | 2,046 | 2,103 | 2,160 |
| 190,000 | 1,708 | 1,761 | 1,816 | 1,871 | 1,927 | 1,984 | 2,042 | 2,100 | 2,160 | 2,220 | 2,280 |
| 200,000 | 1,798 | 1,854 | 1,911 | 1,969 | 2,029 | 2,088 | 2,149 | 2,211 | 2,273 | 2,336 | 2,400 |
*The amounts shown are for principal and interest only and do not include payment for taxes, insurance and homeowners association dues, if applicable. Note that you may use the above loan amounts as multiples to compute the monthly payment for other loan amounts. For example, the monthly payment for a $220,000 loan at 8.0% would be equal to twice the monthly payment for a $110,000 loan.
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