Handy Calculator to compare 15-yr vs. 30-yr mortgage
I found a really neat widget today from Money Living online magazine. It allows you to compare, by plugging in your own numbers, how much money getting a 15-year mortgage would save you over getting a 30-year mortgage: you’ll save an enormous amount of interest money. It also shows how much more that means you’ll be paying per month with the 15-year note (a small amount more per month, but resulting in huge savings long-term). Here is the website:
http://moneyliving.com/financial-calculators/mortgage-compare/
As you can see, first put in the amount of your mortgage and also your tax rate. There’s also a handy guide near the bottom of the page if you don’t recall what your tax rate is.
Then slide the bars to reflect that the 15-year plan and the 30-year plan generally have different interest rates. Hit Calculate and let the widget work its magic. You will almost certainly find that taking on a small amount more per month will pay off huge results. If you’re ready to start looking at properties, please contact us at bwynne@realtracs.com (Becky) or sfelton@realtracs.com (Sharon). We’ll get started to help you find the ideal home for you!