Mortgage Term Comparisons

Your mortgage term will have a significant impact not only on your monthly payments, but also on your savings. (See our article on Components of a Mortgage for more information on the impact of various term lengths on your finances.) A shorter term means you'll pay less interest and pay off your loan quicker, but will leave you less money to invest. These are important considerations you should keep in mind when deciding which term to accept. The calculator below assumes a fixed rate mortgage.

Mortgage Term Comparison Calculator

See what the difference would be in both monthly payments and interest for various mortgage terms with our free Mortgage Term Comparison Calculator. As you'll see, you can save hundreds of thousands of dollars by paying your mortage off in a shorter time period.

Enter the mortgage principal ($):
Enter the expected annual interest rate (%):
Description 10 Years 15 Years 20 Years 25 Years 30 Years
Monthly payment:
Total principal:
Total interest:
Total payments:

What You Should Know: