Mortgage Refinance Calculator 30 Year To 15 Year

With a 15 year mortgage you ll own a home much faster and save a lot of money but you ll face higher monthly payments.

Mortgage refinance calculator 30 year to 15 year.

By default the left column is set to a 15 year amortization while the right column is set to a 30 year amortization but you can change either of these terms to quickly easily compare the monthly payments for any fixed rate. 30 year mortgage calculator allows you to compare. A 30 year fixed rate mortgage is the most common type of mortgage. Bankrate s refinance calculator is an easy to use tool that helps estimate how much you could save by refinancing.

The following table compares monthly payments interest rates total interest due over the life of a 220 000 loan. Try our easy to use refinance calculator and see if you could save by refinancing. Calculator rates compare 15 30 year fixed rate mortgages. A 15 year loan which is half the term of the former.

A 15 year mortgage will save you money in the long run because interest payments are drastically reduced. A 225 000 loan amount with a 30 year term at an interest rate of 3 875 with a down payment of 20 would result in an estimated monthly payment of 1 058 04 with an annual percentage rate apr of 3 946. Estimated monthly payment and apr example. If you are reducing the term of your loan from a 30 year fixed mortgage to a 15 year fixed mortgage you should refinance only if you can afford the higher payment that comes with a shorter term.

The difference between a 15 year mortgage and a 30 year mortgage seems pretty straightforward it takes you twice as long to pay off your loan with a 30 year loan vs. 30 year mortgage calculator can help you determine which option is right for you. Getting a loan with a shorter term can raise your monthly payment but it can decrease the total amount you pay over the life of the loan. There are pros and cons to both 15 and 30 year mortgages.

When people choose to refinance a 30 year loan into a shorter loan they typically choose a 15 year loan though 10 year 20 year options are also available. However some loans are issues for shorter terms such as 10 15 20 or 25 years.