15 vs. 30-Year Mortgage Calculator

Compare the monthly payment and total interest of a 15-year and a 30-year mortgage side by side, so you can decide which term fits your budget and your goals.

Loan Amount

15-Year Interest Rate (%)

30-Year Interest Rate (%)

15-year loans usually carry a lower rate — often 0.5–0.75% below the 30-year. Adjust to match real lender quotes.

Interest Saved With the 15-Year

$273,247

For about $694.20more per month, you'd pay off the home in half the time.

15-Year

$2,906.44

per month

30-Year

$2,212.24

per month

Full Comparison

	15-Year	30-Year
Interest Rate	5.750%	6.500%
Monthly Payment	$2,906.44	$2,212.24
Total Interest	$173,158	$446,406
Total Paid	$523,158	$796,406
Lifetime Difference	$273,247 less with 15-yr

15-Year vs. 30-Year: Which Should You Pick?

The 15-year mortgage wins on total cost. You get a lower rate, you pay for half as long, and far less of your money disappears into interest — here, $273,247 less. The catch is the monthly payment: about $694.20 higher every month, which can strain a tight budget or crowd out retirement savings.

The 30-year mortgage trades higher lifetime cost for breathing room. The lower payment improves cash flow, qualifies you for a larger loan, and leaves more for investing or emergencies. Many borrowers take a 30-year for the flexibility, then make extra principal payments in good months to mimic a 15-year without being locked into the bigger required payment.

Want the deeper breakdown? Read our 15-year vs. 30-year mortgage guide, weigh fixed against adjustable in fixed vs. ARM, and see where rates stand in the mortgage rates guide. Then check what payment you can afford with our home affordability calculator.

15 vs. 30-Year Guide →Fixed vs. ARM →

Frequently Asked Questions

Why is a 15-year mortgage rate lower than a 30-year?

Lenders take on less risk with a shorter term because they're repaid faster and have less exposure to interest-rate and default risk over time. They pass some of that lower risk back to you as a reduced rate — typically 0.5% to 0.75% below the 30-year.

Is a 15-year mortgage worth the higher payment?

If you can comfortably afford the payment and still fund emergencies and retirement, the interest savings are substantial. If the higher payment would leave you cash-strapped, a 30-year with optional extra payments gives you most of the benefit with far more flexibility.

Can I pay off a 30-year mortgage in 15 years?

Yes. By adding extra principal each month you can pay off a 30-year loan on a 15-year schedule. You won't get the 15-year's lower rate, but you keep the flexibility to drop back to the smaller required payment whenever money is tight.

Which term helps me build equity faster?

The 15-year, by a wide margin. Because more of each payment goes to principal and the rate is lower, you build equity much faster — useful if you plan to borrow against your home or sell within a decade.

Does a 30-year mortgage make sense for investing the difference?

It can. If you reliably invest the monthly difference and earn more than your mortgage rate after taxes, the 30-year can come out ahead. The risk is discipline — many people spend rather than invest the savings, which erases the advantage.