15-Year vs 30-Year Mortgage Calculator
A 15-year mortgage costs more per month but saves tens of thousands in interest. This calculator lays out the exact trade-off for your loan amount and rates.
How this calculator works
Both options are amortized loans: your fixed payment covers interest plus principal. The 15-year loan pays off in half the time, so far less interest accrues — but the payment is roughly 40–60% higher. The calculator shows both payments, total interest over each term, and the difference, so you can weigh the lower payment against the interest savings.
Frequently asked questions
What rate should I use for each term?
15-year loans typically carry a rate 0.25–0.75 percentage points lower than 30-year loans, because the lender's money is at risk for half as long. Ask lenders for current quotes on both terms and enter your actual numbers.
Why do people choose a 30-year anyway?
The lower payment frees cash flow, and the rate is usually low enough that the difference can be invested — potentially earning more than the extra interest costs. For many borrowers, a 30-year loan with disciplined investing beats a 15-year loan.
Can I pay a 30-year loan like a 15-year?
Yes — many borrowers take a 30-year loan for flexibility and make extra principal payments when they can. That produces the 15-year outcome with the option to fall back to the smaller payment in a tight month.
Disclaimer: Results are estimates for general information only and do not constitute financial, tax, or legal advice. Figures reflect 2026 rules and may change. Always confirm current limits and consult a qualified professional before making decisions. Official figures: IRS.gov · 2026 limits per IRS tax inflation adjustments.