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.
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.
Selling Your Home >Selling Selling Sold
Although your real estate agent is responsible for marketing your property, it requires a joint effort to get your home sold.
How can you empower your agent? It is very important that you feel absolutely confident in your agent's ability to produce results--no matter what the market is like in your area! This may sound like stating the obvious, but it is important to let your real estate agent know you trust them to get the job done. Support that trust by putting a realistic price tag on the property and keeping it in prime showing condition. Work out showing agreements that will make it easy for agents to preview or show your home. Meet periodically to discuss any feedback from buyers who have seen your home to determine how you can improve its appeal.
Don't hesitate to share any ideas you may have about marketing your home. I will try anything that works, and have received some very good suggestions from clients.
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| Q |
To what process do the terms closing, escrow, settlement and passing papers refer?
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| A |
These terms, which vary in different parts of the country, describe the conclusion of a real estate sale. |
 See More Real Estate Trivia > |
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