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  Personal Banking > Loans > Mortgage Loans  
 
 
 

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Compare these two mortgage terms to decide which is better for you. A 15-year mortgage has significantly smaller interest payments, but only if you can afford the higher monthly payment. A 30-year mortgage gives you a lower monthly payment, but you pay more total interest.

You can quickly get a report that shows side-by-side comparisons for mortgage payments, interest payments, and tax payments. You can also get tables that show future payment schedules.

 


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Definitions

Mortgage amount Original or expected balance for 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 your potential income tax savings by deducting your mortgage interest.
Monthly payment Monthly principal and interest payment (PI). Both 30 year and 15 year mortgages are shown.
Total payments Total of all monthly payments over the full term of the mortgage. Both 30 year and 15 year mortgages are shown.
Total interest Total of all interest paid over the full term of the mortgage. Both 30 year and 15 year mortgages are shown.



information and interactive calculators are made available to you as self-help tools for your independent use. We can not and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.


       
 
 

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AnchorBank, fsb, 25 West Main Street, Madison, WI
a subsidiary of Anchor BanCorp Wisconsin, Inc., a Wisconsin corporation.