Mortgage Comparison: 15 Years vs. 30 Years

Determining which mortgage term is right for you can be a challenge. With a 15 year mortgage you will pay significantly less interest, but only if you can afford the higher monthly payment. Use this calculator to compare these two mortgage terms, and let us help you decide which term is better for you.

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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 2012.

Filing Status and Income Tax Rates 2012 Caution: Do not use these tax rate schedules to figure 2011 taxes. Use only to figure 2012 estimates.
Tax rate	Married filing jointly or qualified widow(er)	Single	Head of household	Married filing separately
10%	$0 - 17,400	$0 - 8,700	$0 - $12,400	$0 - 8,700
15%	$17,400 - 70,700	$8,700 - 35,350	$12,400 - 47,350	$8,700 - 35,350
25%	$70,700 - 142,700	$35,350 - 85,650	$47,350 - 122,300	$35,350 - 71,350
28%	$142,700 - 217,450	$85,650 - 178,650	$122,300 - 198,050	$71,350 - 108,725
33%	$217,450 - 388,350	$178,650 - 388,350	$198,050 - 388,350	$108,725 - 194,175
35%	over $388,350	over $388,350	over $388,350	over $194,175

Source: Revenue Procedure 2011-52 http://www.irs.gov

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.

These interactive calculators are not intended to provide or replace specific professional financial advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical, are for illustrative purposes only, and may differ from more in depth analysis results. They do not represent the past performance of any specific product, nor should they be viewed as a promise of future results of any product offered by Thrivent Financial for Lutherans or its affiliates. We encourage you to seek personalized analysis regarding all personal finance issues.

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4321 N. Ballard Road
Appleton, WI 54919-0001 USA

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625 Fourth Avenue S.
Minneapolis, MN 55415-1624 USA

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Insurance products issued or offered by Thrivent Financial for Lutherans, Appleton, WI. Not all products are available in all states. Products issued by Thrivent Financial for Lutherans are available to applicants who meet membership, insurability, U.S. citizenship and residency requirements. Securities and investment advisory services are offered through Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415, a FINRA and SIPC member and a wholly owned subsidiary of Thrivent Financial for Lutherans. Thrivent Financial representatives are registered representatives of Thrivent Investment Management Inc. They are also licensed insurance agents of Thrivent Financial.

Bank products and trust services are offered through Thrivent Financial Bank (Member FDIC, Equal Housing Lender), a wholly owned subsidiary of Thrivent Financial for Lutherans. Insurance, securities, investment advisory services, and trust and investment management accounts are not deposits, are not guaranteed by Thrivent Financial Bank, are not insured by the FDIC or any other federal government agency, and may go down in value.

Last updated: January 2, 2012