Mortgage Comparison Calculator According to David Bach, author of the Finish Rich books, the best way to buy a hou with a 15-year mortgage. The difference in the total amount of interest you pay over mortgage is staggering. To use this calculator: Fill in your mortgage information in the white boxes below. Th are automatically calculated. After you've entered the correct information, the gold b will show your total interest payments for both 30- and 15-year mortgages. 30-Year Mortgage Term of Mortgage (years) Number of Payments Interest Rate Monthly Payment $ Purchase Price $ Down Payment $ Amount Financed $ 30 360 7.00% 864.89 150,000.00 20,000.00 130,000.00 15-Year Mortgage Term of Mortgage (years) Number of Payments Interest Rate Monthly Payment Purchase Price Down Payment Amount Financed
Total Interest Paid
30-Year Mortgage
$1,000.00 $900.00 $800.00 $700.00 $600.00 $500.00 $400.00 $300.00 $200.00 $100.00 $0.00
$ 181,360.40
Total Interest Paid
15-Year Mortgage
$1,200.00 $1,000.00 $800.00 $600.00 $400.00
$200.00
30-year 30-year Year Principal Interest Year 1 ## ### 2 ## ### Interest 3 ## ### Principal 4 ## ### 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ###
15-year Interest $731.23 $699.63 $665.73 $629.39 $590.42 $548.63 $503.82 $455.77 $404.25 $349.01 $289.77 $226.25 $158.13 $85.09 $6.78 0 0 0 0 0 0 0
$0.00
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $
15-year Principal 365.78 397.38 431.28 467.62 506.59 548.38 593.19 641.24 692.76 748.00 807.24 870.76 938.88 1,011.92 1,090.23 0 0 0 0 0 0 0
23 24 25 26 27 28 29 30
## ## ## ## ## ## ## ##
### ### ### ### ### ### ### ###
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
books, the best way to buy a house is to buy it e total amount of interest you pay over the life of the
formation in the white boxes below. The grey boxes ered the correct information, the gold boxes below 15-year mortgages.
15-Year Mortgage 15 180 6.00% 1,097.01 150,000.00 20,000.00 130,000.00
$ $ $ $
nterest Paid
-Year Mortgage
$ 67,461.80
Year
Interest Principal
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