Which Is Better: 15- Or 30- Year Loan Term?

Topics:
Investment Strategy,
Quantitative Analysis,
Tools and Templates
Tags:
Capital Structures,
Finance,
Mortgages,
Operational Accounting,
Payment
Source:
Money Management International

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Overview: This calculator calculates monthly payments for two fixed-rate mortgage loans and helps you determine which loan is the better deal. Monthly savings that you realize from different payment amounts are invested at a savings interest rate that you designate. A shorter loan term generates less mortgage interest, reducing your mortgage interest deduction. It also requires you to make larger monthly payments. However, a shorter loan term allows you to pay off the loan sooner and invest elsewhere.

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Format: HTML | Date: Jan 2008

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