Compare 10, 15, 20 & 30-year Fixed-rate Mortgages Side-by-side. The 30-year loan is the most popular among most home buyers, though the 15-year option.
The fixed monthly payment for a fixed rate mortgage is the amount paid by the borrower every month that ensures that the loan is paid off in full with interest at the end of its term. The monthly payment formula is based on the annuity formula.The monthly payment c depends upon: . r – the monthly interest rate, expressed as a decimal, not a percentage.
15-year or 30-year Fixed Mortgage Calculator .. on both types of home loans by inputting rates and terms into Bankrate’s 15-year mortgage calculator as well as the 30-year mortgage calculator.