You can use this mortgage comparison calculator to evaluate the differences between the monthly payments, total payments and total interest charges for 15, 20 and 30 year mortgages. The calculator only requires two types of inputs: The total home loan amount that is borrowed and the interest rate charged for each mortgage term.
The variables used in our online calculator are defined in detail below, including how to interpret the results.
The total amount of money borrowed for this mortgage, also referred to as the principal of the loan.
This is the annual interest rate on the mortgage. This is not the APR, which takes into account other costs associated with the mortgage. For this particular calculator, you can enter up to three interest rates, one for a 15, 20, and 30 year mortgage.
This is the monthly mortgage payment for the loan itself, not including mortgage insurance or property taxes, which are sometimes included with your mortgage payment. This calculator provides a side-by-side comparison of the monthly payment amounts for all three mortgage lengths.
The total of all your monthly mortgage payments sent to the bank or lending institution over the life of the mortgage. Once again, you can see the differences in total payments to the lending institution for 15, 20, and 30 year mortgages.
The total amount of interest charges over the term of the mortgage. This is the cost of borrowing money from the lending institution. Normally, you would expect to see a significant difference between the 15 and 30 year mortgages with respect to interest paid. This is merely a result of borrowing money over twice the period of time.
Mortgage Comparison Calculator - Copyright © 2005 - 2015 Money-Zine.com (Last Reviewed on February 1, 2015)
Disclaimer: These online calculators are made available and meant to be used as a screening tool for the investor. The accuracy of these calculations is not guaranteed nor is its applicability to your individual circumstances. You should always obtain personal advice from qualified professionals.