15yr. vs 30yr. mortgage comparison calculator
Use this mortgage cost calculator to compare mortgage payments between a 15 and 30 year fixed mortgage.
Enter your expected mortgage amount. Then, enter the interest rate for both loans. The interest rates will differ according to the length of the loan.
The calculator is designed to calculate repayment for a fixed mortgage. If you are comparing an ARM, please note that the calculation may not be accurate.
Click “calculate” to see the estimated monthly payment and the total cost of each loan.
Remember that there are other costs when purchasing a home. This calculator does not consider other expenses such as property taxes, rates, utility payments, and HOA payments. Talk to your Herring Bank Mortgage Loan Expert for more information about which loan fits your financial situation.
15yr. vs 30 yr. Mortgage Comparison Calculator
What it takes to get started
What you’ll need to apply
The exact documents needed for a home loan depend on each applicants situation but in general, this is what is needed:
Tax Returns, Pay stubs, W-2’s, 1099’s, K-1’s (as applicable); Bank statements and other financial documents (retirement quarterly statement), credit history, gift letters, photo ID, rental history, etc.
Apply & await review
Once you submit your application, you can expect a call from us within 24 business hours.
Meet with a loan officer
During the first call with a loan officer, we’ll discuss the next steps regarding your approval. We’ll address any challenges, provide guidance, and answer any questions you might have.
