Mortgage comparison: 15 years vs. 30 years

Bi-weekly Mortgage Calculator
This calculator shows you possible savings by using an accelerated bi-weekly mortgage payment. By paying ½ your monthly payment every two weeks, each year your mortgage company will receive the equivalent of 13 monthly payments instead of 12. This simple technique can shave years off your mortgage and save you thousands of dollars in interest.
This Financial Calculator requires a Browser with Java™ applet Support. If you are seeing this message you will need to download SUN's Java™ Plug-in. This can be done simply, and automatically, by clicking the link below:
Get the Java™ Plug-in!

*based on standard amortization individual results may vary
**does not include any administrative fees

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.

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 can not 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.


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	Bi-weekly Mortgage Calculator This calculator shows you possible savings by using an accelerated bi-weekly mortgage payment. By paying ½ your monthly payment every two weeks, each year your mortgage company will receive the equivalent of 13 monthly payments instead of 12. This simple technique can shave years off your mortgage and save you thousands of dollars in interest. This Financial Calculator requires a Browser with Java™ applet Support. If you are seeing this message you will need to download SUN's Java™ Plug-in. This can be done simply, and automatically, by clicking the link below: Get the Java™ Plug-in! based on standard amortization individual results may vary *does not include any administrative fees
	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.
	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 can not 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.