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15 year term saves you $69,762, but costs an additional $228 per month.

A 15 year mortgage term will save you $69,762 in interest, but only if you can afford an additional $228 per month. Total payments for a $100,000, 15 year mortgage at 6.000% is $151,894. Total payments for the same loan with a 30 year mortgage at 6.250% is $221,656.

Monthly Payments Principal Balance by Year

Mortgage Comparison
 15 year mortgage30 year mortgage
Loan amount$100,000$100,000
Interest rate6.000%6.250%
Monthly payment$843.86$615.72
Total interest$51,894$121,656
Total payments$151,894$221,656

Interest and Income Taxes

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.

Interest and Income Tax Comparison
 15 year mortgage30 year mortgage
First months interest$500.00 $520.83
First months principal$343.86$94.89
First years interest$5,885$6,217
First years tax savings$1,471$1,554
Avg. years tax savings$865$1,014

15 Year Payment schedule




Year

Total
Payments

Principal
Paid

Interest
Paid
Ending
Principal
Balance
    $100,000.00
1$10,126.32$4,241.72$5,884.60$95,758.28
2$10,126.32$4,503.33$5,622.99$91,254.95
3$10,126.32$4,781.09$5,345.23$86,473.86
4$10,126.32$5,075.96$5,050.36$81,397.90
5$10,126.32$5,389.03$4,737.29$76,008.87
6$10,126.32$5,721.44$4,404.88$70,287.43
7$10,126.32$6,074.32$4,052.00$64,213.11
8$10,126.32$6,448.99$3,677.33$57,764.12
9$10,126.32$6,846.70$3,279.62$50,917.42
10$10,126.32$7,269.02$2,857.30$43,648.40
11$10,126.32$7,717.36$2,408.96$35,931.04
12$10,126.32$8,193.33$1,932.99$27,737.71
13$10,126.32$8,698.69$1,427.63$19,039.02
14$10,126.32$9,235.20$891.12$9,803.82
15$10,125.32$9,803.82$321.50$0.00

30 Year Payment schedule




Year

Total
Payments

Principal
Paid

Interest
Paid
Ending
Principal
Balance
    $100,000.00
1$7,388.64$1,171.84$6,216.80$98,828.16
2$7,388.64$1,247.21$6,141.43$97,580.95
3$7,388.64$1,327.44$6,061.20$96,253.51
4$7,388.64$1,412.82$5,975.82$94,840.69
5$7,388.64$1,503.68$5,884.96$93,337.01
6$7,388.64$1,600.40$5,788.24$91,736.61
7$7,388.64$1,703.35$5,685.29$90,033.26
8$7,388.64$1,812.90$5,575.74$88,220.36
9$7,388.64$1,929.52$5,459.12$86,290.84
10$7,388.64$2,053.63$5,335.01$84,237.21
11$7,388.64$2,185.71$5,202.93$82,051.50
12$7,388.64$2,326.31$5,062.33$79,725.19
13$7,388.64$2,475.92$4,912.72$77,249.27
14$7,388.64$2,635.20$4,753.44$74,614.07
15$7,388.64$2,804.71$4,583.93$71,809.36
16$7,388.64$2,985.10$4,403.54$68,824.26
17$7,388.64$3,177.12$4,211.52$65,647.14
18$7,388.64$3,381.48$4,007.16$62,265.66
19$7,388.64$3,598.99$3,789.65$58,666.67
20$7,388.64$3,830.46$3,558.18$54,836.21
21$7,388.64$4,076.85$3,311.79$50,759.36
22$7,388.64$4,339.09$3,049.55$46,420.27
23$7,388.64$4,618.20$2,770.44$41,802.07
24$7,388.64$4,915.22$2,473.42$36,886.85
25$7,388.64$5,231.40$2,157.24$31,655.45
26$7,388.64$5,567.88$1,820.76$26,087.57
27$7,388.64$5,926.01$1,462.63$20,161.56
28$7,388.64$6,307.19$1,081.45$13,854.37
29$7,388.64$6,712.88$675.76$7,141.49
30$7,385.48$7,141.49$243.99$0.00

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