# Mortgage Comparison Calculators: 15 Years vs. 30 Years

Monthly payments are lower in a 30 years mortgage but you need to pay more as interest for that longer term length. In contrast, interest payment is less but you need to pay higher monthly payments to fully repay the loan within a shorter period. Now, which one you will prefer? To get rid of this dilemma, mortgage comparison calculators will assist you by calculating monthly payment, total payment, and total interest so that you can compare them in the easiest way.
Mortgage amount
The actual or anticipated value of the mortgage.
Interest rate
Percentage rate of interest charged on this mortgage.
Marginal tax rate
Combination of federal marginal tax rate and your state’s marginal tax rate. This tax rate helps to find out the deductible tax amount on the mortgage. The following filing status shows applicable tax rate for different persons. This information is combined with the estimated taxable income to calculate the marginal tax rate. Following are the applied rates of federal tax for the year of 2013.

Filing Status and Income Tax Rates 2013*
Tax Rate Married Filing Jointly or Qualified Widow(er) Single Head of Household Married Filing Separately
10% \$0 – \$17,850 \$0 – \$8,925 \$0 – \$12,750 \$0 – \$8,925
15% \$17,850 – \$72,500 \$8,925 – \$36,250 \$12,750 – \$48,600 \$8,925 – \$36,250
25% \$72,500 – \$146,400 \$36,250 – \$87,850 \$48,600 – \$125,450 \$36,250 – \$73,200
28% \$146,400 – \$223,050 \$87,850 – \$183,250 \$125,450 – \$203,150 \$73,200 – \$111,525
33% \$223,050 – \$398,350 \$183,250 – \$398,350 \$203,150 – \$398,350 \$111,525 – \$199,175
35% \$398,350 – \$450,000 \$398,350 – \$400,000 \$398,350 – \$425,000 \$199,175 – \$225,000
39.6% over \$450,000 over \$400,000 over \$425,000 over \$225,000
*Caution: Do not use these tax rate schedules to figure 2012 taxes. Use only to figure 2013 estimates. Source: 2013 preliminary tax brackets subject to correction http://www.irs.gov
Monthly payment
Calculated amount of interest and principal amount payable monthly over the periods.
Total payments
Calculated total amount of interest and principal amount payable over all the months.
Total interest
This is the estimated amount of total interest payable over the mortgage term.