15 vs 30 Year Mortgage Calculator
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Compare 15-year and 30-year mortgages side by side — monthly payment, total interest, and how much you save by going shorter.
Interest Saved by Choosing 15-Year
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📐 Formula
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n − 1]. Interest Saved = (30yr total payments) − (15yr total payments)
How to Use the 15 vs 30 Year Mortgage Calculator
Enter the loan amount
Input the amount you need to borrow after your down payment. For a $400,000 home with 20% down, enter $320,000.
Set rates for each term
Enter the offered rate for each. Lenders typically price 15-year mortgages 0.5–0.75% lower than 30-year — use actual quotes rather than estimated differences.
Compare total interest paid
This single number — often $200,000–$300,000 more on the 30-year — is the most impactful figure in the comparison.
The Real Cost Difference Between 15 and 30 Years
On a $320,000 mortgage, the total interest difference between a 15-year and 30-year loan is staggering. At 6.5% (30-year) vs 5.75% (15-year), the 30-year term pays approximately $408,000 in total interest. The 15-year pays approximately $161,000. The difference: $247,000 — nearly the original loan amount paid purely in interest. This is why the 15-year mortgage is consistently recommended for those who can service the higher monthly payment.
Monthly Payment Impact: Can You Afford the 15-Year?
The monthly payment on a 15-year mortgage is typically 40–50% higher than the 30-year equivalent. On a $320,000 loan, the 30-year at 6.5% runs approximately $2,023/month; the 15-year at 5.75% runs approximately $2,660/month — a difference of $637/month. Before choosing, stress-test this number against a 20% income reduction. If the 15-year payment would become unmanageable, consider a 30-year mortgage with disciplined extra payments — this approach preserves cash flow flexibility while capturing most of the interest savings of the shorter term.
The Third Option: 30-Year With Accelerated Payments
Making one extra principal payment per year on a 30-year, 6.5% mortgage shortens the loan by approximately 4–5 years and saves tens of thousands in interest. Biweekly payments (26 half-payments = 13 full payments annually) achieve similar results. This hybrid preserves flexibility — in a lean month, you revert to the lower required payment — while capturing most of the 15-year's interest saving in good months. This is particularly valuable for borrowers with variable income.
Sources & Methodology
Calculations are based on the most current publicly available data from authoritative government and industry sources: