Definitions

Mortgage amount: Original or expected balance for your mortgage.
Interest rate: Annual interest rate for your mortgage. Interest rates are generally lower for shorter term mortgages.
Marginal tax rate: This is your combined state and federal tax rate. This is used to calculate your potential income tax savings by deducting your mortgage interest.
Monthly payment: Monthly principal and interest payment, or PI. 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.
Total interest: Total of all i