Mortgage Comparison Calculator
Loan Details
Interest Rates by Term
Important: Interest rates vary by loan term. Shorter terms typically have lower rates, while longer terms have higher rates. A 50-year mortgage will always have a higher rate than a 30-year mortgage.
Detailed Comparison
| Metric | 15 Year | 30 Year | 50 Year |
|---|---|---|---|
| Monthly Payment | $0 | $0 | $0 |
| Total Interest Paid | $0 | $0 | $0 |
| Total Cost (Principal + Interest) | $0 | $0 | $0 |
| Principal Paid After 10 Years | $0 | $0 | $0 |
| Interest Paid After 10 Years | $0 | $0 | $0 |
| Remaining Balance After 10 Years | $0 | $0 | $0 |
| Payoff Age | - | - | - |
Compare how loan terms affect your monthly affordability, total interest costs, and equity buildup over time. A 50-year mortgage significantly reduces monthly payments but dramatically increases total interest costs.
Understanding Different Mortgage Terms
15-Year Mortgage
Build equity faster with a shorter loan term and lower total interest cost.
Pros:
- Pay off home in 15 years
- Significantly lower total interest
- Build equity quickly
- Own home free faster
Cons:
- Higher monthly payment
- Less monthly cash flow flexibility
- Limits other investments
30-Year Mortgage
The most common loan term balances affordability with reasonable total interest costs.
Pros:
- Moderate monthly payment
- More monthly budget flexibility
- More time for investments
- Industry standard with good rates
Cons:
- Pay off at 30 years
- Significant total interest
- Slower equity building
50-Year Mortgage Reality Check
While a 50-year mortgage can reduce monthly payments, there are important considerations:
⚠️ Critical Considerations:
- Most lenders won't offer 50-year terms
- You'll still be paying at age 80+
- Can pay 150%+ more in total interest
- Refinancing carries risks
- Home appreciation doesn't equal equity
Monthly Payment vs. Total Cost
The key tradeoff: Lower monthly payments come at a steep cost in total interest.
Real-world comparison: The 50-year mortgage costs nearly $207K more in interest than a 30-year mortgage, even accounting for the realistic higher rate. That's an enormous price to pay for a modest monthly savings.
Which Should You Choose?
The best loan term depends on your financial situation and goals:
Choose 15-Year If:
- You have strong income stability
- You want to retire mortgage-free
- You prioritize total cost savings
Choose 30-Year If:
- You value monthly flexibility
- You want moderate interest costs
- You want standard financing options
Avoid 50-Year Mortgages:
- You'll still be paying at age 80+
- The interest savings rarely justify the extra total cost
- If upgrading homes frequently, use shorter terms or ARM instead