A longer mortgage term can increase your income tax deduction. Take a look at the results below, to see how the different terms stack up. 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. Interest rate Annual interest rate for your mortgage.
Interest rates are generally lower for shorter term mortgages.
This is your combined state and federal tax rate. This is used to calculate your potential income tax savings by deducting your mortgage interest. 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.