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This loan comparison
calculator will compare a 30
and 15 year mortgage. If you'd
like, you can also enter your
own mortgage terms. As you will
see, a 15 year mortgage will
allow you substantial interest
savings. However, the increased
monthly payment might not be
affordable. Consult a financial
advisor for a more specific
estimate of the benefits to
you.
Place your cursor in the fields
and fill in the requested information
to the best of your knowledge.
Use the tab key on your keyboard
to move through the form. Once
the required fields are completed,
the form will automatically
populate with the information
you have requested.
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Loan
Information |
$
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How much do you plan
to borrow? |
% |
What is the interest
rate of the new home loan? |
| 30 Year Mortgage |
15 Year Mortgage |
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What is the term
of the mortgage? (number of years
financed).
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This is what your
calculated monthly payment would
be. |
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This is the total
amount you will pay per year. |
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This is the total
amount you will pay over the term
of the loan. |
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This is the total
amount of interest you will pay
on the loan. |
| As you can see, the
total interest you pay over the
life of a loan decreases as you
decrease the number of years the
loan is amortized. There is a
serious drawback, though. Your
monthly payment can increase significantly,
therefore, weigh your options
very carefully. Talk to a financial
advisor who can help you decide
what's best for you. |
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