15 vs 30 Year Mortgage Calculator
Compare the monthly payment and total interest of a 15-year and 30-year loan side by side.
A 15 vs 30 year mortgage calculator compares the two most common loan terms on the same loan amount. A 15-year loan has a higher monthly payment but far less total interest. On a $320,000 loan, the 15-year payment is about $635 more each month, yet it saves roughly $250,000 in interest and ends the loan 15 years sooner.
15-Year vs 30-Year Mortgage Comparison
Load a preset to start, then edit any field with your own numbers.
The amount you borrow. Typical range: 100,000–1,000,000.
15-year loans usually carry a lower rate than 30-year loans. Typical range: 5–7%.
The rate on the 30-year option. Typical range: 5.5–8%.
Advanced settings: monthly budget check
Enter a budget to see which term fits, and how much extra the 30-year plan would need to match a 15-year payoff.
Please enter a loan amount and rates greater than zero.
Interest saved with the 15-year loan
Payment = P × r(1+r)^n ÷ ((1+r)^n − 1)
Total interest = payment × months − loan
The 15-year loan uses 180 months, the 30-year uses 360. A shorter term means a higher payment but far less interest.
Show calculation breakdown
Interest Saved vs 30-Year
Total Interest: 15-Year vs 30-Year
Smart Insights
Your personalized breakdown will appear here.
What Is a 15 vs 30 Year Mortgage Calculator?
This calculator puts the two most common mortgage terms side by side. It runs the same loan amount as a 15-year loan and a 30-year loan, then shows the payment and total interest for each, so you can weigh the trade directly.
The choice comes down to one trade-off. The 30-year loan is easier on your monthly budget. The 15-year loan is far cheaper over its life. Neither is wrong; they fit different situations.
Who Uses This Comparison
- Buyers choosing a term who want to see the real cost of each in dollars.
- Refinancers deciding whether to shorten their remaining loan.
- Anyone weighing budget against total cost and wanting the numbers side by side.
Once you pick a term, model the full payment with taxes and insurance in the mortgage calculator.
How the Comparison Calculator Works
You give the tool three numbers and it runs both loans for you.
- Enter the loan amount. Use what you plan to borrow.
- Enter the 15-year rate. Shorter loans usually carry a lower rate.
- Enter the 30-year rate. Use the rate quoted for the longer term.
The results lead with the interest saved by choosing the 15-year loan, then show each payment, each total interest figure, and the extra monthly cost of the shorter term. Open Advanced settings to check a term against your budget.
Why the Rates Differ
Lenders usually offer a lower rate on a 15-year loan because it is repaid faster and carries less risk. That lower rate adds to the interest savings, on top of the shorter term. The tool lets you set each rate separately so the comparison matches your real offers.
15-Year vs 30-Year: The Real Numbers
The gap between the two terms is larger than most buyers expect. Here is a typical example on a $320,000 loan.
| Term | Rate | Monthly Payment | Total Interest |
|---|---|---|---|
| 15-year | 5.75% | $2,657 | $158,316 |
| 30-year | 6.5% | $2,023 | $408,142 |
| Difference | — | $635 more | $249,826 saved |
These figures come from an independent script that runs both loans in full. The 15-year loan costs about $635 more each month but saves nearly $250,000 in interest and ends 15 years earlier.
When a 15-Year Mortgage Is the Better Choice
The 15-year loan wins on total cost. It makes sense when the higher payment fits comfortably and you value being debt-free sooner.
- You can afford the higher payment without straining your budget or savings.
- You want to own the home outright sooner, perhaps before retirement.
- You want to build equity fast, since more of each payment goes to principal.
- Rates on the 15-year loan are meaningfully lower, widening the savings.
Because the 15-year loan builds equity quickly, you also reach the 20% mark sooner if you started with PMI. See when it drops with the amortization calculator.
The Discipline Factor
A 15-year loan forces the faster payoff. Some borrowers prefer that certainty to relying on their own discipline to make extra payments on a 30-year loan.
When a 30-Year Mortgage Is the Better Choice
The 30-year loan wins on flexibility. Its lower payment leaves room in your budget for other goals and for life’s surprises.
- The lower payment fits your budget better and leaves a cushion.
- You want to invest the difference, which may outperform the interest saved.
- You value flexibility in case income drops or expenses rise.
- You plan to move before the long term matters, so total interest is less relevant.
Many borrowers take a 30-year loan and pay extra when they can. That keeps the low required payment as a safety net while still saving interest. To see how extra payments work on a 30-year loan, use the mortgage payoff calculator.
The Best of Both
A 30-year loan with regular extra payments can approach a 15-year payoff while keeping the option to fall back to the lower payment in a tight month. It is the flexible middle path.
Shortening Your Term by Refinancing
If you already have a 30-year loan and rates have fallen, refinancing into a 15-year loan can lock in both a lower rate and a faster payoff at once.
The payment will rise, but the interest savings can be dramatic, especially several years into a loan. The catch is the closing costs and the higher required payment, which you must be able to sustain.
Run the Break-Even First
Before shortening your term through a refinance, check whether the savings outrun the costs. The mortgage refinance calculator shows your new payment and break-even point so the decision is grounded in numbers.
Common Term-Choice Mistakes
Choosing 15 Years With No Cushion
The higher payment is fixed. If it leaves no room for emergencies, the interest savings are not worth the risk. Keep a buffer.
Taking 30 Years and Never Paying Extra
The 30-year loan is cheapest only if you invest or overpay the difference. Spending it all forfeits the main advantage.
Comparing Only the Payment
The monthly payment is half the story. Two terms with a small payment gap can differ by hundreds of thousands in total interest.
Ignoring the Rate Difference
A 15-year loan often carries a lower rate. Using the same rate for both understates its advantage. Enter each real rate.
15 vs 30 Year Mortgage FAQs
Is a 15-year mortgage better than a 30-year?
It is cheaper overall, saving large interest and ending sooner, but the payment is higher. A 30-year loan is easier monthly. The right one depends on your budget and goals.
How much does a 15-year mortgage save?
On a $320,000 loan, a 15-year term can save roughly $250,000 in interest compared with a 30-year term, while costing about $635 more a month.
Why is the 15-year payment higher?
You repay the same balance in half the time, so each payment is larger. In exchange, you pay interest for far fewer years.
Do 15-year loans have lower rates?
Usually yes. Lenders offer a lower rate because the loan is repaid faster and carries less risk, which adds to the savings.
Can I get a 15-year payoff on a 30-year loan?
Yes, by paying extra each month. It approaches a 15-year payoff while keeping the lower required payment as a safety net.
Should I refinance from 30 to 15 years?
It can save large interest if rates have dropped and you can afford the higher payment. Check the break-even point before deciding.
Does this include taxes and insurance?
No. It compares principal and interest, which is where the term difference lives. Escrow items are the same either way and are added separately.
Is this comparison calculator free?
Yes. There is no signup and nothing you enter leaves your browser.
Further Reading and Sources
The comparison math here is standard and exact. Use these primary sources to check rules and current rates:
- CFPB Owning a Home explains loan terms and how to compare offers.
- Freddie Mac Rate Survey publishes weekly average rates for 15-year and 30-year loans.
- Investor.gov Calculators from the SEC cover loan and interest math.
Rates for the two terms move independently. Confirm both with your lender on the same day before choosing.
Last updated August 22, 2026. This tool is provided for general informational and planning purposes only. It is not financial advice. It compares principal and interest only; taxes and insurance are added separately and are similar for either term. Confirm both rates with your lender before choosing.
Creator
Shakeel Muzaffar is the Founder and Editor-in-Chief of MultiCalculators.com, bringing over 15 years of experience in digital publishing, product strategy, and online tool development. He leads the platform's editorial vision, ensuring every calculator meets strict standards for accuracy, usability, and real-world value. Shakeel personally oversees content quality, formula verification workflows, and the platform's commitment to publishing tools that are genuinely useful for students, professionals, and everyday users worldwide.
Areas of Expertise: Editorial Leadership, Digital Publishing, Product Strategy, Online Calculators, Web Standards
