15-30 Year Calculator

The 15-year and 30-year fixed-rate mortgages are the two most popular fixed-rate mortgages

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30 Year Mortgage

15 Year Mortgage

 
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Payment Breakdown 30-yr 15-yr

Principle & Interest

Property Taxes

Homeowners Insurance

Mortgage Insurance

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This calculator provides a broad look at your monthly mortgage payments. To get a personalized quote from an On Q Mortgage Consultant, call 1-866-667-3279.

You May Want a 30-Year Mortgage

Everyone’s financial situation is unique and needs to be taken into account, but if you are interested in a lower monthly mortgage payment, a 30-year mortgage could be the best option for you. Having a 30-year mortgage payment allows you to have more cash flow each month to dedicate to other finances and obligations. For example, if you want to grow your emergency savings fund, if you invest, or if you’re heavily contributing to your retirement, you can keep your money focused on those goals. A 30-year mortgage could allow you to buy “more house” than you would with a 15-year mortgage because the cost of the mortgage is spread out over a longer period of time. If your family is expanding or you want to purchase your “forever” home, a 30-year mortgage allows your dollar to go a bit farther in the short term.

You May Want a 15-Year Mortgage

If you’re not worried about the monthly mortgage payment or one of your main concerns is the long term cost of your future home, a 15-year mortgage could be a good fit for you. If you are willing to dedicate a higher monthly mortgage payment, the benefit is a fully paid off home in essentially half the time. If you have your ducks in a row when it comes to an emergency fund and have room to prioritize the home mortgage payment, then go for it! Consider the size of the home that you want for the long term, because larger homes usually come with a higher monthly mortgage payment in either fixed mortgage case. If you’ve found a home you will love for the long-term that fits within your mortgage budget, then a 15-year mortgage could be a great fit.

This calculator was made to provide a quick estimate on your monthly mortgage payments using your particular scenario.

To help you use the calculator more effectively, we’ve explained each input and output of the calculator below:

Home Price

This refers to the purchase price (or expected purchase price) of the home you are planning to buy.

Down Payment

The down payment is the amount of money you give towards your mortgage upon closing on the home. The rest of the payment on your home comes from your mortgage. Down payments are expressed as percentages. A down payment of at least 20 percent lets you avoid mortgage insurance. There are a variety of down payment requirements lower than 20% for qualified home buyers, as well as several down payment assistance programs.

Mortgage Term

The mortgage term refers to the length of time you want to be making payments on your mortgage. A longer term means smaller monthly payments, but more interest paid over time.

Interest Rate

Your mortgage interest rate is the interest you’ll pay on the outstanding balance of your mortgage. This interest rate is provided by your mortgage lender and varies based on the provider. If you’d like to see what your interest rate might be, get in touch with an On Q Financial Mortgage Consultant now.

Annual Property Tax

Annual Property Tax refers to the percentage of tax you pay based on the price or value of your home. Property taxes above are estimated to be 1.5% of the home’s value. The average property tax rate varies from state to state and county to county. If you don’t know what your property tax percentage is, contact your On Q Financial mortgage consultant today at 866-667-3279.

Annual Homeowner Insurance

Annual homeowners insurance refers to the premium you may pay to insure your home. In some cases, homeowners insurance is not required. The cost of homeowners insurance varies greatly by location. Annual homeowners insurance is roughly .35% of the home’s value but can change based on insurer. Contact your On Q Financial mortgage consultant today to help you determine insurance rates in your area by calling 866-667-3279

Monthly Payments

The monthly payments shown are a total expected monthly payment based on your mortgage information. It includes paying down the principal amount you’ve borrowed, the interest on that borrowed amount, and an estimate of what you might be expected to pay for other mandatory house related expenses including:

  • Property taxes
  • Homeowners insurance
  • And mortgage insurance