15 vs 30 Year Mortgage Calculator
Compare a 15-year and 30-year mortgage side by side. Enter your loan amount and a rate for each term to see the difference in monthly payment and total interest paid over the life of the loan.
Loan Details
15-year rates are usually lower
Interest Saved with a 15-Year Loan
$234,212
Costs $595 more per month
15-Year vs 30-Year Side by Side
15-Year Mortgage
30-Year Mortgage
Extra Monthly Cost (15-yr)
$595
Interest Saved (15-yr)
$234,212
Years Sooner Paid Off
15
15-Year vs 30-Year: The Core Tradeoff
The choice between a 15-year and 30-year mortgage comes down to a single tradeoff: monthly cash flow versus total cost. A 30-year loan spreads repayment over twice as many months, so each payment is smaller and easier to fit in your budget. A 15-year loan front-loads more principal into every payment, so you own the home outright in half the time and pay dramatically less interest.
Two factors amplify the savings on a 15-year loan. First, lenders offer lower rates on shorter terms, typically 0.5% to 0.75% below the 30-year rate. Second, because the balance shrinks faster, interest has far less time to accumulate. Together these can cut the total interest you pay by more than half compared to a 30-year loan on the same amount.
The 30-year mortgage still has real advantages. The lower required payment leaves room for retirement contributions, an emergency fund, or other investments that may outperform your mortgage rate. Many borrowers take a 30-year loan for the safety of a low minimum payment and then make extra principal payments when they can — capturing some of the speed of a 15-year loan while keeping flexibility. There is no single right answer; the best term is the one that fits your budget and financial priorities.
Frequently Asked Questions
Is a 15-year or 30-year mortgage better?
Neither is universally better — it depends on your goals. A 15-year mortgage has a higher monthly payment but saves a large amount of interest and builds equity much faster. A 30-year mortgage has lower payments and more monthly flexibility, but you pay far more interest over the life of the loan. Use the calculator above to see the exact tradeoff for your numbers.
Why is the interest rate lower on a 15-year mortgage?
Lenders charge less for 15-year loans because they carry less risk: the money is repaid in half the time, reducing the lender's exposure to interest-rate changes and default. The rate is typically 0.5% to 0.75% lower than a comparable 30-year loan, which adds to the interest savings of the shorter term.
Can I get a 30-year mortgage and just pay it off faster?
Yes. Taking a 30-year loan and making extra principal payments gives you flexibility — you can pay it down on a 15-year pace when your budget allows, but drop back to the lower required payment in tight months. The tradeoff is that 30-year rates are higher, so you will pay somewhat more interest than a true 15-year loan even if you match the payoff schedule.
How much more is the monthly payment on a 15-year mortgage?
Even though you are paying off the loan in half the time, the monthly payment is usually only about 40% to 50% higher, not double, because the shorter term carries a lower rate and far less total interest. The calculator shows the precise monthly difference and total interest savings for your loan amount and rates.