15 vs 30 Year Mortgage Calculator
Compare a 15-year and a 30-year mortgage side by side. See the monthly payment, total interest, and how much interest you save with the shorter term.
- 15-yr payment
- 2451.25
- 30-yr payment
- 1896.2
- 15-yr interest
- 141225.07
- 30-yr interest
- 382633.47
- Interest saved
- 241408.4
How to use
- Enter the loan amount.
- Enter the interest rate for the 15-year and the 30-year mortgage.
- Compare the monthly payments, total interest, and interest saved.
Examples
- $300,000 at 5.5% / 6.5%:
15-yr $2,451.25 vs 30-yr $1,896.20 - Interest saved:
$241,408.40 over the life of the loan
FAQ
- Why is the 15-year payment higher?
- A 15-year mortgage repays the same principal in half the time, so each monthly payment is larger even though the interest rate is usually lower.
- How much interest does a 15-year mortgage save?
- You pay off the balance faster and typically at a lower rate, so total interest is far lower. The calculator shows the exact difference for your numbers.
- Which mortgage term is better for me?
- A 15-year term saves the most interest but demands a higher monthly payment. A 30-year term frees up cash flow at a higher lifetime cost. Pick based on your budget and goals.