ÿþ<HTML> <HEAD> <TITLE>Mortgage comparison: 15 years vs. 30 years</TITLE> <META HTTP-EQUIV="Content-Type" CONTENT="text/html; charset=iso8859-1"> <META NAME="description" CONTENT="Financial Calculators, ©1998-2010 KJE Computer Solutions, LLC. For more information please see http://www.dinkytown.net"> <STYLE> <!-- BODY, TABLE, TD, TH, UL, OL, DD, DL, P, BR { font-family: helvetica, arial, sans-serif; font-size: 10pt; } H1 { font-family: helvetica, arial, sans-serif; font-size: 13pt; font-weight: bold; } DT { font-family: helvetica, arial, sans-serif; font-size: 10pt; font-weight: bold; } P.footer { font-family: helvetica, arial, sans-serif; font-size: 9pt; } DIV.large { font-family: helvetica, arial, sans-serif; font-size: 13pt; font-weight: bold; } --> </STYLE> </HEAD> <!-- Financial Calculators, ©1998-2008 KJE Computer Solutions, LLC. 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For more information please see: <A HREF="http://www.dinkytown.net">http://www.dinkytown.net</A> --> <H1>Mortgage comparison: 15 years vs. 30 years</H1><P>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.<P><CENTER> <!--[if IE]><object name="calculator" classid="clsid:8AD9C840-044E-11D1-B3E9-00805F499D93" codebase="http://java.sun.com/update/1.6.0/jinstall-6-windows-i586.cab#Version=1,4,0,0" height="380" width="565"><param name="code" value="MortgageCompare" /><param name="archive" value="dinkytown.jar" /> <P style="font-size:1px; color: #ffffff" line-height: 1px><![endif]--><![if !IE]><P style="font-size:1px; color: #ffffff" line-height: 1px><![endif]></P><![if !IE]><APPLET name="calculator" code="MortgageCompare.class" align="baseline" WIDTH="565" HEIGHT="380" archive="dinkytown.jar"><![endif]> <PARAM name="TERM15_INTEREST_RATE" value="5.75"> <PARAM name="TERM30_INTEREST_RATE" value="6.00"> <PARAM name="MARGINAL_TAX_RATE" value="25.00"> <PARAM name="LOAN_AMOUNT" value="100000"> <!--CUSTOM PARAMETERS--> <PARAM name="TEXT_FOR_REPORT" value="<HTML> <HEAD> <TITLE>Mortgage comparison: 15 years vs. 30 years</TITLE> <META HTTP-EQUIV='Content-Type' CONTENT='text/html; charset=iso8859-1'> <META NAME='description' CONTENT='Financial Calculators, &QCPQ;1998-2010 KJE Computer Solutions, LLC. For more information please see http://www.dinkytown.net'> <STYLE> <!-- BODY, TABLE, TD, TH, UL, OL, DD, DL, P, BR { font-family: helvetica, arial, sans-serif; font-size: 10pt; } H1 { font-family: helvetica, arial, sans-serif; font-size: 13pt; font-weight: bold; } DT { font-family: helvetica, arial, sans-serif; font-size: 10pt; font-weight: bold; } P.footer { font-family: helvetica, arial, sans-serif; font-size: 9pt; } DIV.large { font-family: helvetica, arial, sans-serif; font-size: 13pt; font-weight: bold; } --> </STYLE> </HEAD> <BODY bgcolor='#FFFFFF' LINK='#003399' VLINK='#666666' BGCOLOR='#FFFFFF'> <CENTER><table border=0 bgcolor='#000000' width=468 cellspacing=1 cellpadding=0><tr><td width='100%'><table bgcolor='#FFFFDD' border=0 width=468 cellspacing=1 cellpadding=5><tr><td width='100%' align=center valign=middle><DIV class=large>Which is better: a 15 or 30 year mortgage term?</DIV></td></tr></table></TD></TR></TABLE></CENTER> <P> <H1>15 year term saves you INTEREST_DIFFERENCE, but costs an additional PAYMENT_DIFFERENCE per month.</H1>**GRAPH**<P>A 15 year mortgage term will save you INTEREST_DIFFERENCE in interest, but only if you can afford an additional PAYMENT_DIFFERENCE per month. Total payments for a LOAN_AMOUNT, 15 year mortgage at TERM15_INTEREST_RATE is TERM15_TOTAL_OF_PAYMENTS. Total payments for the same loan with a 30 year mortgage at TERM30_INTEREST_RATE is TERM30_TOTAL_OF_PAYMENTS. <P> <CENTER><table border=0 bgcolor='#000000' width=95% cellspacing=1 cellpadding=0><tr><td width='100%'><table bgcolor='#FFFFFF' border=0 width=100% cellspacing=1 cellpadding=5> <TR BGCOLOR='#CCCCCC'><TD COLSPAN=3><CENTER><B>Mortgage Comparison</B></CENTER></TD></TR> <TR BGCOLOR='#CCCCCC'><TD><b>&NBSP;</b></TD><TD ALIGN=CENTER><B>15 year mortgage</B></TD><TD ALIGN=CENTER><B>30 year mortgage</B></TD></TR> <TR><TD><b>Loan amount</b></TD><TD>LOAN_AMOUNT</TD><TD>LOAN_AMOUNT</TD></TR> <TR><TD><b>Interest rate</b></TD><TD>TERM15_INTEREST_RATE</TD><TD>TERM30_INTEREST_RATE</TD></TR> <TR><TD><b>Monthly payment</b></TD><TD><B>TERM15_MONTHLY_PI</B></TD><TD><B>TERM30_MONTHLY_PI</B></TD></TR> <TR><TD><b>Total interest</b></TD><TD>TERM15_INTEREST_PAID</TD><TD>TERM30_INTEREST_PAID</TD></TR> <TR><TD><b>Total payments</b></TD><TD><B>TERM15_TOTAL_OF_PAYMENTS</B></TD><TD><B>TERM30_TOTAL_OF_PAYMENTS</B></TD></TR> </TABLE></TD></TR></TABLE> </CENTER> <H1>Interest and Income Taxes</H1><P>Changing your mortgage term can make a difference in not only the interest you pay, but your income taxes. A longer mortgage term can increase your income tax deduction. Take a look at the results below, to see how the different terms stack up. <P> <CENTER><table border=0 bgcolor='#000000' width=95% cellspacing=1 cellpadding=0><tr><td width='100%'><table bgcolor='#FFFFFF' border=0 width=100% cellspacing=1 cellpadding=5> <TR BGCOLOR='#CCCCCC'><TD COLSPAN=3><CENTER><B>Interest and Income Tax Comparison</B></CENTER></TD></TR> <TR BGCOLOR='#CCCCCC'><TD><b>&NBSP;</b></TD><TD ALIGN=CENTER><B>15 year mortgage</B></TD><TD ALIGN=CENTER><B>30 year mortgage</B></TD></TR> <TR><TD><b>First month's interest</b></TD><TD>TERM15_FIRST_MONTH_INTEREST </TD><TD>TERM30_FIRST_MONTH_INTEREST</TD></TR> <TR><TD><b>First month's principal</b></TD><TD>TERM15_FIRST_MONTH_PRINCIPAL</TD><TD>TERM30_FIRST_MONTH_PRINCIPAL</TD></TR> <TR><TD><b>First year's interest</b></TD><TD>TERM15_FIRST_YEAR_INTEREST</TD><TD>TERM30_FIRST_YEAR_INTEREST</TD></TR> <TR><TD><b>First year's tax savings</b></TD><TD>TERM15_FIRST_YEAR_TAX_SAVINGS</TD><TD>TERM30_FIRST_YEAR_TAX_SAVINGS</TD></TR> <TR><TD><b>Avg. year's tax savings</b></TD><TD>TERM15_AVG_TAX_SAVINGS</TD><TD>TERM30_AVG_TAX_SAVINGS</TD></TR> </TABLE></TD></TR></TABLE> </CENTER> <P><DIV class=large>15 Year Payment schedule</DIV> <HR SIZE=1> TERM15_SCHEDULE <P><DIV class=large>30 Year Payment schedule</DIV> <HR SIZE=1> TERM30_SCHEDULE <BR> <HR SIZE=1> <CENTER><P class=footer> Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. </P></CENTER><br><br> </BODY> </HTML> "> <H1><CENTER>This Financial Calculator requires SUN's Java"! Plug-in. If you see this message you will need to download SUN's Java"! Plug-in. This can be done automatically by clicking the yellow bar at the top of your browser and choosing  Install ActiveX Control . </CENTER></H1> <OL> You can also get SUN's Java"! Plug-in here: <A href="http://www.java.com/en/download/download_the_latest.jsp" target=_blank><b>Get the Java"! Plug-in!</b></A> <P>For more information about this Plug-in please visit: <A href="http://www.dinkytown.net/money/sunjvm.html" target=_blank><b>SUN's Java"! Plug-in</b></A> <BR>For more information these financial calculators please visit: <A href="http://www.dinkytown.net" target=_blank><b>Financial Calculators from KJE Computer Solutions, LLC</b></A> </OL><!--[if IE]></OBJECT><![endif]--><![if !IE]></APPLET><![endif]> </CENTER><CENTER><SCRIPT>document.write(showbuttons())</SCRIPT> </CENTER> <H1>Definitions</H1><P><TABLE align='center' WIDTH="95%"><TR><TD><DL><!--DEFN_START--> <DT><B>Mortgage amount</B><DD>Original or expected balance for your mortgage.<P> <DT><B>Interest rate</B><DD>Annual interest rate for your mortgage. Interest rates are generally lower for shorter term mortgages.<P> <DT><B>Marginal tax rate</B><DD>This is your combined state and federal tax rate. This is used to calculate your potential income tax savings by deducting your mortgage interest.<P> <DT><B>Monthly payment</B><DD>Monthly principal and interest payment (PI). Both 30 year and 15 year mortgages are shown.<P> <DT><B>Total payments</B><DD>Total of all monthly payments over the full term of the mortgage. Both 30 year and 15 year mortgages are shown.<P> <DT><B>Total interest</B><DD>Total of all interest paid over the full term of the mortgage. Both 30 year and 15 year mortgages are shown. <!--DEFN_END--></DL></TD></TR></TABLE> <BR> <HR SIZE=1> <CENTER> <P class=footer> Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. </P></CENTER> <BR> </BODY> </HTML>