15-Year Mortgage
Higher payments but massive interest savings with a 15-year term.
A 15-year mortgage has higher monthly payments but saves you tens of thousands in interest. On a $300,000 loan at 6.25%, you pay $143,000 in interest over 15 years vs $365,000 over 30 years — saving $222,000. The monthly payment is about $600 higher. If you can afford it, a 15-year mortgage builds equity twice as fast and you own your home outright in half the time.
Mortgage Details
Your Monthly Payment
$3,327
/month
Loan Amount
$320,000
Total Interest
$173,876
Total Payment
$598,876
Payoff Date
March 2041
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