First
Mortgages
Mortgage Comparison Are there advantages
to a 15-year versus a 30-year first mortgage
loan?
Depending on your tax status, cash flow and
financial goals, we think so … look below
and you might agree.
Here’s How the 15-Year Advantage Works
…
| |
Interest paid at the end of 10 years |
Interest paid at the end of 15 years |
Interest paid at the end of 30 years |
| 30 year loan |
$80,872 |
$116,487 |
$176,840 |
| 15-year loan |
$66,166 |
$77,300 |
$77,300 |
| The 15-year Advantage (Interest Savings) |
$14,706 |
$39,187 |
$99,540 |
| Assumptions: |
15-Year |
30-Year |
| Loan Amount |
$100,000 |
$100,000 |
| Interest Rate* |
8.50% |
8.50% |
| Monthly Payment |
$985 |
$769 |
*Assumed interest rates over life of the loans.
Monthly
Principal and Interest Chart
Approximate monthly principal and interest
payment based upon a 360-month (30-year) loan
term*
| Amount |
7.0% |
7.5% |
8.0% |
8.5% |
9.0% |
9.5% |
10.0% |
10.5% |
11.0% |
11.5% |
12.0% |
| 100,000 |
665 |
699 |
734 |
769 |
805 |
841 |
878 |
915 |
952 |
990 |
1,029 |
| 110,000 |
732 |
769 |
807 |
846 |
885 |
925 |
965 |
1,006 |
1,048 |
1,089 |
1,131 |
| 120,000 |
798 |
839 |
881 |
923 |
966 |
1,009 |
1,053 |
1,098 |
1,143 |
1,188 |
1,234 |
| 130,000 |
865 |
909 |
954 |
1,000 |
1,046 |
1,093 |
1,141 |
1,189 |
1,238 |
1,287 |
1,337 |
| 140,000 |
931 |
979 |
1,027 |
1,076 |
1,126 |
1,177 |
1,229 |
1,281 |
1,333 |
1,386 |
1,440 |
| 150,000 |
998 |
1,049 |
1,101 |
1,153 |
1,207 |
1,261 |
1,316 |
1,372 |
1,428 |
1,485 |
1,543 |
| 160,000 |
1,064 |
1,118 |
1,174 |
1,230 |
1,287 |
1,345 |
1,404 |
1,464 |
1,524 |
1,584 |
1,646 |
| 170,000 |
1,131 |
1,188 |
1,247 |
1,307 |
1,368 |
1,429 |
1,492 |
1,555 |
1,619 |
1,683 |
1,749 |
| 180,000 |
1,197 |
1,258 |
1,321 |
1,384 |
1,448 |
1,514 |
1,580 |
1,647 |
1,714 |
1,783 |
1,851 |
| 190,000 |
1,264 |
1,328 |
1,394 |
1,461 |
1,529 |
1,598 |
1,667 |
1,738 |
1,809 |
1,882 |
1,954 |
| 200,000 |
1,330 |
1,398 |
1,468 |
1,538 |
1,609 |
1,682 |
1,755 |
1,829 |
1,905 |
1,981 |
2,057 |
Approximate monthly principal and interest
payment based upon a 180-month (15-year) loan
term*
| Amount |
7.0% |
7.5% |
8.0% |
8.5% |
9.0% |
9.5% |
10.0% |
10.5% |
11.0% |
11.5% |
12.0% |
| 100,000 |
899 |
927 |
956 |
985 |
1,014 |
1,044 |
1,075 |
1,105 |
1,137 |
1,168 |
1,200 |
| 110,000 |
989 |
1,020 |
1,051 |
1,083 |
1,116 |
1,149 |
1,182 |
1,216 |
1,250 |
1,285 |
1,320 |
| 120,000 |
1,079 |
1,112 |
1,147 |
1,182 |
1,217 |
1,253 |
1,290 |
1,326 |
1,364 |
1,402 |
1,440 |
| 130,000 |
1,169 |
1,205 |
1,242 |
1,280 |
1,319 |
1,357 |
1,397 |
1,437 |
1,478 |
1,519 |
1,560 |
| 140,000 |
1,259 |
1,298 |
1,338 |
1,379 |
1,420 |
1,462 |
1,504 |
1,548 |
1,591 |
1,635 |
1,680 |
| 150,000 |
1,349 |
1,391 |
1,433 |
1,477 |
1,521 |
1,566 |
1,612 |
1,658 |
1,705 |
1,752 |
1,800 |
| 160,000 |
1,438 |
1,483 |
1,529 |
1,576 |
1,623 |
1,671 |
1,719 |
1,769 |
1,819 |
1,869 |
1,920 |
| 170,000 |
1,528 |
1,576 |
1,625 |
1,674 |
1,724 |
1,775 |
1,827 |
1,879 |
1,932 |
1,986 |
2,040 |
| 180,000 |
1,618 |
1,669 |
1,720 |
1,773 |
1,826 |
1,880 |
1,934 |
1,990 |
2,046 |
2,103 |
2,160 |
| 190,000 |
1,708 |
1,761 |
1,816 |
1,871 |
1,927 |
1,984 |
2,042 |
2,100 |
2,160 |
2,220 |
2,280 |
| 200,000 |
1,798 |
1,854 |
1,911 |
1,969 |
2,029 |
2,088 |
2,149 |
2,211 |
2,273 |
2,336 |
2,400 |
*The amounts shown are
for principal and interest only and do not include
payment for taxes, insurance and homeowners
association dues, if applicable. Note that you
may use the above loan amounts as multiples
to compute the monthly payment for other loan
amounts. For example, the monthly payment for
a $220,000 loan at 8.0% would be equal to twice
the monthly payment for a $110,000 loan. |
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