15, 20 or 30 years?
Compare three loan terms on payment, total interest and how fast equity builds.
01Loan
▦Side by side
| Term | Rate | Payment | Total interest | Balance after 5 yrs | Balance after 10 yrs |
|---|---|---|---|---|---|
| 30 yr | 6.500% | $2,528.27 | $510,178 | $374,444 | $339,105 |
| 20 yr | 6.250% | $2,923.71 | $301,691 | $340,988 | $260,395 |
| 15 yr | 5.875% | $3,348.47 | $202,725 | $303,321 | $173,724 |
±Trade-offs to weigh
Shorter term
- Far less total interest
- Equity builds faster
- Debt-free sooner
30-year
- Lowest required payment
- Easier to qualify
- You can still make extra payments
Neither option is right for everyone. It depends on your timeline, cash and comfort with risk.
ƒHow this is calculated
- Each term uses the standard payment formula at its own rate. Shorter terms usually carry lower rates.
Estimates for illustration only. This is not a loan offer, rate quote, or commitment to lend. Results come only from the numbers entered above. Interest rates are examples you supply, not advertised rates, so check current rates before deciding. Fee schedules and limits shown are published figures that can change.
This calculator is being provided for educational purposes only. The results are estimates based on information you provided and may not reflect CrossCountry Mortgage, LLC product terms. The information cannot be used by CrossCountry Mortgage, LLC to determine a customer’s eligibility for a specific product or service.
Austin Gerimonte, NMLS #2277430 · CrossCountry Mortgage, LLC NMLS #3029 · Equal Housing Lender · NMLSConsumerAccess.org