![]() ![]() Start by entering the loan amount and your marginal tax rate. A 30-year fixed-rate mortgage gives you much lower monthly payments, but you'll pay a lot more interest over the long run and will be making mortgage payments for a much longer time. There are pros and cons to choosing each type of mortgage and it really boils down to your own personal financial situation.Ī 15-year fixed-rate mortgage lets you pay off the loan in half the time and pay significantly less interest in the long run, but also requires higher monthly mortgage payments. The two most popular fixed-rate mortgages are the 15-year and 30-year fixed-rate mortgages. The prepayment amount used in this calculation is the amount that you would have to spend on closing costs. It is the number of months it will take for your after-tax interest and PMI savings to exceed both your closing costs and any interest savings from prepaying your mortgage. This is the most conservative break even measure. ICB Solutions | NMLS #491986 ( Close Modal Mortgage products are not offered directly on the website and if you are connected to a lender through, specific terms and conditions from that lender will apply. will not charge, seek or accept fees of any kind from you. By submitting your information you agree Mortgage Research Center can provide your information to one of these companies, who will then contact you. For a full list of these companies click here. If you submit your information on this site, one or more of these companies will contact you with additional information regarding your request. ICB Solutions and Mortgage Research Center receive compensation for providing marketing services to a select group of companies involved in helping consumers find, buy or refinance homes. Neither, Mortgage Research Center nor ICB Solutions are endorsed by, sponsored by or affiliated with any government agency. ICB Solutions partners with a private company, Mortgage Research Center, LLC, (nmls # 1907), that provides mortgage information and connects homebuyers with lenders. is a product of ICB Solutions, a division of Neighbors Bank. ![]()
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