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Mortgage Calculators
Welcome > Resources > Mortgage Calculators > 15 vs. 30 Year Mortgages ...

The Best Mortgage Calculators On the Web!




15 vs. 30 Yr Mortgages

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.

This Financial Calculator requires a Browser with Java Support



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.

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.

The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't 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.



School Reports in Seattle, Redmond and Bellevue, Washington
"A model of how the Internet can facilitate the process of deciding where to send your children to school"
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Washington Public, Private and Charter Schools: Compare them using these top-rated, comprehensive reports.
  Schools in Seattle, Redmond and Bellevue 



Real Estate Tips
First Time Buyers >Good Faith Estimates

Several years ago the U.S. Congress tried to protect consumers from a few unscrupulous lenders by requiring all lenders to calculate and disclose the annual percentage rate (APR) you pay on your mortgage loan. But most homebuyers will learn more by directing their attention to the Good Faith Estimate of Settlement Costs (GFE). Although Congress meant well, in practice the APR is not helpful and may be confusing.

If you are looking for a good way to understand your costs of borrowing and/or to compare one lender's costs to another, the GFE is your best bet. Get your lender(s) to provide a written GFE before you commit your mortgage business. When reviewing a GFE, keep in mind that the lender actually controls only a certain portion of the disclosed costs. Other parties typically control costs of appraisal, settlement, title insurance, recording fees and taxes, survey, and the "prepaid" expenses of homeowner's insurance, mortgage insurance, real estate taxes, etc. Review these origination fees, discount points, etc. and you will have the ability to understand the full costs of your proposed mortgage loan.

See All Tips In The "First Time Buyers" Category >
See Complete Library Of Hundreds Of Tips In 30+ Categories >

Real Estate Trivia
Q 
On what famous American street can you find the most expensive retail space for rent anywhere in the world?

A 
Fifth Avenue, New York City, U.S.A. offers retail space for rent at the rate of $580 per square foot.
See More Real Estate Trivia >


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Eileen's Team, REALTOR®, real estate agents and broker for Seattle, Redmond and Bellevue Washington home listings, property and land for sale - NUMBER1EXPERT(tm)

RE/MAX Eastside/Metro Brokers Inc
RE/MAX Eastside/Metro Brokers Inc

11555 SE 8th St Suite 200
Bellevue WA 98004
Cel: (425) 444-8338
Tel: (425)453-7000
Fax: 425-453-4778
Email: cwester@hotmail.com

Our two award winning offices boast a long term presence in the Pacific Northwest Region of 20+ years, with over 250 highly experienced agents to serve you. The combined volume totals generated by these highly successful agents have made these two offices the number one offices in our region. Our agents consistently place in the top 100 Individuals and Teams in the country. Our agents participate in RE/MAX Premier Community Citizenship by supporting such organizations as the Susan G. Komen foundation, Children’s Miracle Network, Sentinels of Freedom, and Operation RE/MAX.

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