15- vs 30-year mortgage calculator
Which term saves you more? Compare a 15-year and a 30-year loan side by side — the payment difference and the total interest a 15-year saves. No email, no lender attached.
30-yr rate prefilled from our live board (6.684%); 15-yr defaults a bit lower — edit both.
15- vs 30-year mortgage: the trade-off
A 30-year loan spreads repayment over twice as long, so the monthly payment is lower and more affordable — but you borrow for longer and typically at a higher rate, so total interest is much larger. A 15-year loan costs more each month but usually carries a lower rate and pays principal down far faster, cutting total interest dramatically — often to less than half. This tool computes both payments from your loan amount and each rate, then shows the interest the 15-year saves against the extra you pay monthly to get it.
A middle path
Prefer the 30-year’s lower required payment but want the 15-year’s payoff? Take the 30-year and add extra principal — our payoff calculator shows how close that gets you, while keeping the lower payment as a safety valve.