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Welcome > Resources > Mortgage Calculators >
15 vs. 30 Year Mortgages ...
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.
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.
Real Estate Contracts >Broom Clean
Most purchase agreements contain language that requires a home to be free of trash and debris and "broom clean" at closing. While this language is not precise, the general idea is that you should convey a clean house to your buyers, one in the same condition that you hope to find your new home.
When the movers leave with your furniture, you may even want to consider hiring a professional cleaning service to thoroughly clean the home. It is crucial to leave your house as pristine as possible for the new owners. This includes getting rid of any leftover junk in the storage spaces. When the buyers show up for their final walk-through, they will feel much better about finalizing the sale if everything sparkles. This will set up a positive mood for completing the transaction and help to minimize any disputes at the closing.
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| Q |
What area in the U.S. is known for its pre-civil war mansions?
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| A |
Natchez, Mississippi boasts over 500 pre-civil war-style mansions; many are open to the public as museums. |
 See More Real Estate Trivia > |
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