30-year plus extra vs a 15-year payment — which number can you live with?

A 15-year note makes a payment you have to send. Extra on a 30 is a payment you can skip next month. Those are not the same number. Most people pick from a feeling.

Run both before you lock a term. Extra Payments tab first → https://www.bankpricer.com/mortgage-calculator/?mode=extra-payments. Then Purchase with 15 years → https://www.bankpricer.com/mortgage-calculator/?mode=purchase.

What to put in

Same leftover balance. The rate already on your quote or statement. Do not use a BankPricer rate from this post. There isn’t one.

On Extra Payments: 30-year term, then an extra you can actually send. If you are trying to mimic a 15, type the extra that would get you there. If you do not know it yet, type a number you can live with this month.

On Purchase: same price or loan, 15-year term. That payment is the floor. It does not get smaller because you had a tight month.

How to read it

The useful pair is the 15-year required payment next to the 30-year plus extra. If the extra version is what you can keep, that is the one you can skip without a late fee. If you cannot make the 15 when work slows down, do not pick it because the payoff date looks cleaner.

This is not a reason to refinance. C9 already covers extra on the note you have. This is term choice before you close, or before you reset the note.

What this number is not

It is not approval. It is not a BankPricer quote. It is not a reason to upload a Loan Estimate to /leah/ today. That upload is still broken.

If the gap is why you want a second pair of eyes, talk to Jeff. He originates from Chicago with Barrett Financial Group, L.L.C. NMLS 1041652. Bring the two payments you typed.

Jeff Shin, NMLS 1041652. Barrett Financial Group, L.L.C. Chicago. Equal Housing Lender. Not a commitment to lend.