Mortgage Calculators
Information and interactive calculators from QCFSBO®.com are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not 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.
20 vs. 30 Year Mortgage
Determining which mortgage term is right for you can be a challenge. With a shorter 20 year mortgage, you will pay significantly less interest than a 30 year mortgage - but only if you can afford the higher monthly payment. Use this calculator for a comparison of a 20 vs. 30 year mortgage.
20 vs. 30 Year Mortgage
Financial Calculators from
Dinkytown.net
Mortgage InputsPress spacebar to hide inputs |
Monthly Paymentspress spacebar to hide graph |
Principal Balance by Yearpress spacebar to show graph |
Definitions
Mortgage amount
Original balance of 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 possible income tax savings by deducting your mortgage interest. Use the ‘Filing Status and Income Tax Rates Table’ to assist you in estimating your federal tax rate.
| Tax Rate | Married Filing Jointly or Qualified Widow(er) | Single | Head of Household | Married Filing Separately |
|---|---|---|---|---|
| *Caution: Do not use these tax rate schedules to figure 2017 taxes. Use only to figure 2018 estimates. Source: 2017 Tax Cuts and Jobs Act | ||||
| 10% | $0 - $19,050 | $0 - $9,525 | $0 - $13,600 | $0 - $9,525 |
| 12% | $19,050 - $77,400 | $9,525 - $38,700 | $13,600 - $51,800 | $9,525 - $38,700 |
| 22% | $77,400 - $165,000 | $38,700 - $82,500 | $51,800 - $82,500 | $38,700 - $82,500 |
| 24% | $165,000 - $315,000 | $82,500 - $157,500 | $82,500 - $157,500 | $82,500 - $157,500 |
| 32% | $315,000 - $400,000 | $157,500 - $200,000 | $157,500 - $200,000 | $157,500 - $200,000 |
| 35% | $400,000 - $600,000 | $200,000 - $500,0000 | $200,000 - $500,000 | $200,000 - $300,000 |
| 37% | Over $600,000 | Over $500,000 | Over $500,000 | Over $300,000 |
Monthly payment
Monthly principal and interest payment (PI). Both 30 year fixed and 20 year fixed mortgages are shown.
Total payments
Total of all monthly payments made over the full term of the mortgage. Both 30 year fixed and 20 year fixed mortgages are shown.
Total interest
Total of all interest paid over the full term of the mortgage. Both 30 year fixed and 20 year fixed mortgages are shown.
*Please consult with a tax professional regarding mortgage interest deductions and your specific situation.
Quad City Virtual, Inc.
3522 Jersey Ridge Road
Davenport, IA 52807-2223