Compare 2 New Amortizing Loans Of Different Terms w/o Early Payoff.
This particular mortgage calculator can be helpful if you are trying to decide whether to borrow with a 15- or 30-year term and compare the amortization schedules. Otherwise, this simple calculator and comparison have minimal utility, like the other online mortgage calculators. It is a good and simple calculator for comparing a 15-year mortgage to a 30-year mortgage; otherwise, it is useless. The fixed rate on a 15-year mortgage is probably being quoted lower than a 30-year mortgage, so input the two mortgages below and compare the monthly payment and the amortization schedules.
