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.
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.