When it comes to choosing a mortgage option, the 30 years fixed and the 15 years fixed are two of the most popular options. The advantage of the longer mortgage is that it allows the homeowner to have smaller monthly payments that are always the same throughout the full three decades of the loan.
The drawback to the 30-year loan is that there will be more paid out in interest over the term. However, based on your financial situation and the possibility of making additional payments over the term of the loan, there are ways to mitigate the interest paid over time.
Using a mortgage calculator for a 30 year fixed loan is a great way to get a clear picture as to what you can expect. Another helpful tool is to have the 30 years and 15 years fixed calculations on the same program, allowing you to easily see the difference between the two and what the shorter payout loan would provide.
What to Consider
With the inputs for the mortgage calculator for a 30 year fixed loan, it will be important to be able to enter several variables and see the differences in changing the interest rate, loan amount, the number of years and the other fees and costs associated with the loan.
For the mortgage calculator for a 30 year fixed loan, make sure you can enter the interest rate changes as well as any other fees or costs that will be required. This extra catch-all category will be essential when various other fees may be assessed at closing or during the purchase process.
Don’t forget; you will also need to know the property tax and the property insurance. This information should be available, or you can estimate these costs and try different number ranges to see the change in the payment.
For your convenience, Guaranteed Rate offers a mortgage calculator for a 30 year fixed loan as well as 15 years fixed loan on our website.
