15 vs 30 Year Mortgage Calculator
Compare 15-year and 30-year mortgages side by side — monthly payment, total interest, and how much you save by going shorter.
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🏠 15-Year Mortgage
$0
monthly payment
Total Interest: $0
Total Cost: $0
🏠 30-Year Mortgage
$0
monthly payment
Total Interest: $0
Total Cost: $0
Interest Saved by Choosing 15-Year
$0
📐 Formula
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n − 1]. Interest Saved = (30yr total payments) − (15yr total payments)
Frequently Asked Questions
Financially, yes — you pay far less interest. But the higher monthly payment may strain your budget. Many financial advisors suggest the 30-year if the monthly difference would be invested in index funds instead.
Yes — typically 0.5–0.75% lower than 30-year rates. Shorter loans are less risky for lenders. This rate advantage, combined with fewer payments, creates substantial savings.
You can pay off a 30-year mortgage in 15–20 years by adding extra principal payments monthly. This gives you the flexibility of the lower required payment with the potential to pay it off faster.
On a $400,000 mortgage at 7% (30-year) vs 6.25% (15-year): the 30-year costs approximately $558,000 in total interest; the 15-year costs approximately $211,000 — saving $347,000. But the 15-year monthly payment is about $3,430 vs $2,660 for 30-year. The extra $770/month invested at 7% over 15 years grows to $247,000 — almost closing the gap.
15-year wins if: you can comfortably afford the higher payment, you prioritize debt freedom, and you're in a high tax bracket (mortgage interest deduction becomes less valuable at lower loan balances). 30-year wins if: the payment flexibility matters, you'd invest the difference consistently, or you might move within 7 years.