Login Menu About Calculators 15 Year vs 30 Year Mortgage? Use this calculator to compare these two mortgage terms, and let us help you decide which term is better for you. For more information and a FREE mortgage checkup, contact one of our mortgage professionals today! Financial Calculators from Dinkytown.net Financial Calculators ©1998-2021 KJE Computer Solutions, Inc. Definitions Mortgage amount Original balance of your mortgage. Interest rate Annual interest rate for your mortgage. Interest rates are generally lower for shorter-term mortgages. Please note that the interest rate is different from the Annual Percentage Rate (APR), which includes other expenses such as mortgage insurance, and the origination fee and or point(s), which were paid when the mortgage was first originated. The APR is normally higher than the simple interest rate. Marginal tax rate This is your combined state and federal tax rate. This is used to calculate possible income tax savings by deducting your mortgage interest. Please consult with a tax professional regarding mortgage interest deductions and your specific situation. Use the ‘Filing Status and Federal Income Tax Rates’ table to assist you in estimating your federal tax rate. Filing Status and Federal Income Tax Rates 2021* Tax Rate Married Filing Jointly or Qualified Widow(er) Single Head of Household Married Filing Separately *Caution: Do not use these tax rate schedules to figure 2020 taxes. Use only to figure 2021 estimates. Source: Rev. Proc. 2020-45 10% $0 - $19,900 $0 - $9,950 $0 - $14,200 $0 - $9,950 12% $19,900 - $81,050 $9,950 - $40,525 $14,200 - $54,200 $9,950 - $40,525 22% $81,050 - $172,750 $40,525 - $86,375 $54,200 - $86,350 $40,525 - $86,375 24% $172,750 - $329,850 $86,375 - $164,925 $86,350 - $164,900 $86,375 - $164,925 32% $329,850 - $418,850 $164,925 - $209,425 $164,900 - $209,400 $164,925 - $209,425 35% $418,850 - $628,300 $209,425 - $523,600 $209,400 - $523,600 $209,425 - $314,150 37% Over $628,300 Over $523,600 Over $523,600 Over $314,150 Monthly payment Monthly principal and interest payment (PI). Both 30-year fixed and 15-year fixed mortgages are shown. Total payments Total of all monthly payments made over the full term of the mortgage. Both 30-year fixed and 15-year fixed mortgages are shown. Total interest Total of all interest paid over the full term of the mortgage. Both 30-year fixed and 15-year fixed mortgages are shown. Finding the perfect home takes time. At Washington Trust, getting a mortgage doesn't have to! Explore Mortgages Get Started with a Trusted Advisor For more information about our products and services, contact our Customer Solutions Center. Contact Us ‹ Back to all calculators 800-226-5877 24/7 Banking 800-475-2265 Customer Solutions Center Tambien disponible en Español Ver detalles Subscribe Stay up-to-date with our latest insights. Enter your email Submit Popular Links Meet Our Team Checking Accounts Mortgages Loan Rates Commercial Banking Investor Relations Tools & Resources Branches & Locations Customer Solutions Center Security Center Lost Debit Card Español Contact Us Routing Number: 011500858 Download Our Apps Follow Us LinkedIn Twitter Facebook Instagram YouTube Blog Equal Housing Lender Member FDIC NMLS#414726 Important Information about FDIC Insurance Coverage NMLS Registered Lenders Accessibility Disclosures Español Sitemap © Washington Trust Routing Number: 011500858