Mortgage Comparison Calculator

According to David Bach, author of the Finish Rich books, the best way to buy a hous
with a 15-year mortgage. The difference in the total amount of interest you pay over
mortgage is staggering.
To use this calculator: Fill in your mortgage information in the white boxes below. Th
are automatically calculated. After you've entered the correct information, the gold bo
will show your total interest payments for both 30- and 15-year mortgages.

30-Year Mortgage 15-Year Mortgage

Term of Mortgage (years) 30 Term of Mortgage (years)
Number of Payments 360 Number of Payments
Interest Rate 7.00% Interest Rate
Monthly Payment $ 864.89 Monthly Payment
Purchase Price $ 150,000.00 Purchase Price
Down Payment $ 20,000.00 Down Payment
Amount Financed $ 130,000.00 Amount Financed

Total Interest Paid $ 181,360.40 Total Interest Paid

30-Year Mortgage 15-Year Mortgage
$1,000.00 $1,200.00
$900.00
$800.00 $1,000.00
$700.00 $800.00
$600.00
$500.00 $600.00
$400.00
$300.00 $400.00
$200.00
$200.00
$100.00
$0.00 $0.00
30-year -year 15-year 15-year
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23
Year cipal erest Interest Principal
1 ### Year ### $731.23 $ 365.78 Year
2 ### ### $699.63 $ 397.38
3
4 ### ###
### Principal
Interest ### $665.73
$629.39 $
$ 431.28
467.62 Interest Principal
5 ### ### $590.42 $ 506.59
6 ### ### $548.63 $ 548.38
7 ### ### $503.82 $ 593.19
8 ### ### $455.77 $ 641.24
9 ### ### $404.25 $ 692.76
10 ### ### $349.01 $ 748.00
11 ### ### $289.77 $ 807.24
12 ### ### $226.25 $ 870.76
13 ### ### $158.13 $ 938.88
14 ### ### $85.09 $ 1,011.92
15 ### ### $6.78 $ 1,090.23
16 ### ### 0 0
17 ### ### 0 0
18 ### ### 0 0
19 ### ### 0 0
20 ### ### 0 0
21 ### ### 0 0
22 ### ### 0 0
23 ### ### 0 0
24 ### ### 0 0
25 ### ### 0 0
26 ### ### 0 0
27 ### ### 0 0
28 ### ### 0 0
29 ### ### 0 0
30 ### ### 0 0
Rich books, the best way to buy a house is to buy it
e total amount of interest you pay over the life of the

ormation in the white boxes below. The grey boxes

red the correct information, the gold boxes below
30- and 15-year mortgages.

15-Year Mortgage
15
180
6.00%
$ 1,097.01
$ 150,000.00
$ 20,000.00
$ 130,000.00

nterest Paid $ 67,461.80

15-Year Mortgage

4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

Year

Interest Principal
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