Total cost analysis
Compare two or three ways to structure it over the years you'll actually keep the loan — not over 30 theoretical ones. Change any number; everything recalculates.
The average homeowner keeps a mortgage well under a decade — comparing over the full term usually flatters the wrong option.
Over 7 years, 15-year fixed comes out about $79,399 ahead of 30-year fixed.
30-year fixed: $6,739/mo · 15-year fixed: $8,726/mo
| Over 7 years | 30-year fixed | 15-year fixed ★ |
|---|---|---|
| Monthly P&I | $6,739 | $8,726 |
| Points + upfront costs | $0 | $0 |
| Interest paid | $488,173 | $408,774 |
| Total costinterest + upfront + PMI + rent | $488,173 | $408,774 |
| Principal paid off | $77,884 | $324,180 |
| Balance remaining | $882,116 | $635,820 |
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This is a decision-support tool, not a Loan Estimate, loan offer, rate lock, or commitment to lend. Figures are estimates for illustration only; actual pricing depends on full credit, income, asset, and appraisal review. Rates shown default to today's published market averages and are editable — they are not a quote. Not all applicants will qualify. Tom Jessop, NMLS #288015. New American Funding, Company NMLS #6606, is an Equal Housing Lender.