All agents are NOT alike! Find out why we are top real estate experts. Call us: 612-201-5447.

Request Our Free Relocation Package!
Moving your family to another town or state is a major event in your life! We have helped many families and individuals relocate!
Find Out More >
View All Offers >

"Highly Recommended"
"Mark kept in constant contact with me and explained every step of the process along the way."
Reed Malvick
Read Quote >
View All Quotes >

Compare three mortgages at one time. Download TripleCalc now. It's free.

Find Out More >
Download Now >

Gores Real Estate Team is one of The Top Selling Real Estate Experts™
Find Out More >

See the nation's top rated reports for Schools in Minneapolis, Prior Lake and Savage >

Edina Realty Mortgage
Free Target gift card with pre-approval.
Find Out More >

Welcome > Resources > Mortgage Calculators > 15 vs. 30 Year Mortgages ...

The Best Mortgage Calculators On the Web!

Please try our Java loan and mortgage calculators. They take a minute to load, but they are worth it!

Each calculator has dynamic graphs and charts that change - right before your eyes - as you enter different information. Try each calculator with different interest rates, loan amounts, and payment schedules.

The mortgage repayment schedule and other reports are fully customizable - just for your home, your interest rate, your loan amount, your taxes, and more.

Would you like a print out, for your records and future reference? Each calculator includes a View Report button. Click it, hit print, and you have a report, customized just for you...

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.

This Financial Calculator requires a Browser with Java Support

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.

School Reports in Minneapolis, Prior Lake and Savage, Minnesota

"A model of how the Internet can facilitate the process of deciding where to send your children to school"
- America's Best School Profiles by
The Heritage Foundation

Minnesota Public, Private and Charter Schools: Compare them using these top-rated, comprehensive reports.

Schools in Minneapolis, Prior Lake and Savage

Financing Your Home >Hybrids Offer Low Rates

In the field of home financing, "hybrid" mortgages have grown in popularity with homebuyers. With interest rates gradually rising in today's market, the hybrid mortgage product saves money, provides a period of fixed-rate security and helps buyers qualify for financing.

Hybrid mortgage loans offer a very low fixed-rate for a period of time, usually from 5 to 7 years, then revert to an adjustable rate mortgage (ARM) for the remainder of the term of the loan. The interest rate is typically lower than with a 30-year fixed-rate loan, and the borrower has the assurance that the rate will not change for a period of years. Such a loan works well for buyers who plan on reselling the home within a finite period.

Other specialty mortgages now available include an ARM loan with a provision allowing it to be converted to a fixed-rate loan when that is a practical step for the borrower. Still others offer an interest-only loan that requires payments to be made on the interest only for a specified number of years, then reverts to an amortized loan with interest and principal payments each month. Consult with an experienced mortgage professional to determine whether one of these loan products will meet your needs.

	See All Tips In The "Financing Your Home" Category >
	See Complete Library Of Hundreds Of Tips In 30+ Categories >

Q	Whose mansion sold for about $2 million after just one day on the market?
A	Soon after the death of George Burns his home was put on the market; the home sold in 24 hours.
See More Real Estate Trivia >

Gores Real Estate Team, REALTOR®, real estate agent and broker for Minneapolis, Prior Lake and Savage, Minnesota home listings, property and land for sale - NUMBER1EXPERT(tm)

Gores Real Estate Team
Edina Realty
14198 Commerce Ave NE
Prior Lake, MN 55372
612-201-5447
Fax: 952-447-4735
MarkGores@EdinaRealty.com
Mary Gores was licensed in 1982 and since 1986 has been associated with Edina Realty, one of the nation's premier real estate companies. She is a consistent top performer and has been awarded membership in the Leadership, President's and Master's Circles of excellence. She has many times been named a Super Star Agent by Mpls/St. Paul magazine. She holds the GRI, CRS, 55+ and ePro designations. Mark Gores joined in the business following his graduation from the University of Iowa in 2004. Mark's high energy, technology background, sales skills and creative entrepreneurial spirit quickly earned him the respect of his clients. His Young Voices column in the local newspaper provides an additional outlet for his sense of humor and has attracted community-wide attention. Mark also has been named a Super Star Agent and holds the ABR and ePro designations.

www.ExploreTwinCitiesHomes.com is brought to you by Gores Real Estate Team
NUMBER1EXPERT™ in real estate for Minneapolis, Prior Lake and Savage, Minnesota

Read Gores Real Estate Team's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge