Here are some terms used in the 15 versus 30-year mortgage calculator that you may want to become more familiar with.

Purchase price

The purchase price refers to the price of the home that you're looking to finance.

Down payment

The down payment is a percentage of the purchase price of the home you're looking to finance. Down payments can range from as low as 1% to as much as 20% of the total purchase price. The down payment influences how much you'll need to borrow, how much interest you'll pay, and whether you'll need private mortgage insurance, according to Bank of America.

Term

The term of your mortgage refers to the length of time you'll take to pay your loan amount in full. This 15-year and 30-year mortgage calculator will allow you to compare both loan durations to see the difference in the total interest you'll pay.

Interest rate

The interest rate is the amount of interest that accrues over a given period on the loan. This period can be different depending on the structure of your loan. To get a better understanding of how interest is calculated, you can use a mortgage interest calculator.

Property tax

The property taxes are levied by certain jurisdictions on a property, based on its assessed value.

Homeowners insurance

Homeowners insurance can help you pay to repair damage caused by certain risks or perils. Coverage can change based on location, but typically things like theft and various weather events are covered by a homeowners insurance policy. It's required by lenders when you purchase your home, according to the Insurance Information Institute (III).

Monthly HOA fee

The home you purchase may require that you belong to a homeowners association. These associations can have monthly fees or dues that will add to your monthly housing costs, according to Freddie Mac.