15 vs 30 Year Mortgage Calculator
Compare monthly payments and total interest between a 15-year and 30-year mortgage with our free 15 vs 30 year mortgage calculator.
Input Details
Results
15-Year Mortgage
Monthly Payment
$3,268.33
Total Interest
$188,300
30-Year Mortgage
Monthly Payment
$2,528.27
Total Interest
$510,178
Interest Comparison
The Trade-off
With a 15-year mortgage, you pay $740 more per month, but you save:
$321,878
in total interest savings
Using the 15 vs 30 Year Mortgage Calculator
Deciding between loan terms is one of the biggest choices in home buying. Our 15 vs 30 year mortgage calculator provides a clear side-by-side comparison. By using a 15 vs 30 year mortgage calculator, you can see how a shorter term leads to higher monthly payments but massive long-term interest savings.
Calculate 15 vs 30 Year Mortgage Savings
To calculate 15 vs 30 year mortgage differences, enter your loan amount and the estimated interest rates for both terms. Typically, 15-year mortgages offer lower interest rates than 30-year loans, which our 30 vs 15 year mortgage calculator accounts for in its interest totals.
15 vs 30 Year Mortgage Calculator Strategy
Using a 15 vs 30 year mortgage calculator helps you balance your monthly budget with your long-term wealth goals. If you can afford the higher monthly payment of a 15-year loan, you'll build equity twice as fast and save hundreds of thousands of dollars in interest over the life of the loan.