Loan Option 1
30-YearLoan Option 2
15-YearLoan Option 2 Saves You More!
Total savings of $208,066 over the life of the loan
Side-by-Side Comparison
Loan 1 30-Year
Loan 2 15-Year
Difference
Loan Basics
Loan Amount
$320,000
$320,000
$0
Monthly Payment — Principal & Interest (P&I)
$1,919
$2,657
+$738
Closing Costs
Discount Points
$3,200
$6,400
+$3,200
Origination Fees
$0
$1,600
+$1,600
Other Closing Costs
$1,200
$700
-$500
Total Closing Costs
$4,400
$8,700
+$4,300
Lifetime Totals
Total Monthly Payments
$690,682
$478,316
-$212,366
Total Interest Paid
$370,682
$158,316
-$212,366
Total Cost (incl. closing)
$695,082
$487,016
-$208,066
Monthly Payment Comparison
Total Cost Breakdown
Loan Balance Over Time
Loan 1 Balance
Loan 2 Balance
Loan Comparison Report
Generated:
Loan Details
| Loan 1 | Loan 2 | |
|---|---|---|
| Loan Amount | $320,000 | $320,000 |
| Term | 30 years | 15 years |
| Interest Rate | 6.00% | 5.75% |
| Monthly Payment | $1,919 | $2,657 |
Cost Comparison
| Loan 1 | Loan 2 | Difference | |
|---|---|---|---|
| Total Closing Costs | $4,400 | $8,700 | +$4,300 |
| Total Interest | $370,682 | $158,316 | -$212,366 |
| Total Cost | $695,082 | $487,016 | -$208,066 |
Recommendation: Loan 2 is the Better Choice
Based on total cost analysis, Loan 2 (15-Year) saves you $208,066 over the life of the loan, despite higher monthly payments.