15 vs 30 Year Mortgage Calculator
Compare your 15-year and 30-year mortgage side by side — monthly payment, total interest, and exactly when the shorter term pays for itself. Rates are entered separately, because 15-year loans price lower than 30-year loans.
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Loan amount: $320,000
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15-year loans typically price 0.75% lower than 30-year loans.
Side-by-Side Comparison
| 15-Year Fixed | 30-Year Fixed | |
|---|---|---|
| Monthly principal & interest | $2,615 | $1,970 |
| Total interest paid | $150,640 | $389,306 |
| Total of all payments | $470,640 | $709,306 |
| Paid off in | 15 years | 30 years |
| Interest as % of loan | 47.1% | 121.7% |
| Balance after 5 years | $240,925 | $298,679 |
| Balance after 10 years | $136,885 | $269,561 |
Extra monthly payment
$644
for the 15-year term
Total interest saved
$238,666
with the 15-year term
Extra equity after 10 years
$132,675
15-year vs 30-year
Results are estimates only and should not be considered financial advice. Always consult a qualified mortgage professional before making financial decisions.
Formula
M = P × r(1+r)^n / ((1+r)^n - 1)
where P is the loan amount after down payment, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments (180 for a 15-year term, 360 for a 30-year term). Total interest is (M × n) − P.
Worked Example
For a $400,000 home with 20% down ($80,000), the loan is $320,000. At 5.50% over 15 years the monthly principal and interest is $2,615, with $150,640 total interest. At 6.25% over 30 years the same loan is $1,970 per month, with $389,306 total interest. The 15-year term costs $644 more each month, saves $238,666 in interest over the life of the loan, and leaves you $132,675 more in equity after ten years.
Frequently Asked Questions
Is a 15-year mortgage better than a 30-year?
The 15-year term always costs less in total interest and clears the debt 15 years sooner, but the monthly payment is substantially higher. The right answer depends on whether the higher payment fits your budget without straining your emergency fund or retirement savings.
How much more is a 15-year mortgage per month?
On a $320,000 loan it is roughly $644 more per month at the rates above. Because the 15-year rate is typically 0.5 to 0.75 percentage points lower, the actual gap is far smaller than doubling the 30-year payment would suggest. Use the calculator above with your own quoted rates for an exact figure.
How much interest do you save with a 15-year mortgage?
On the example above, the 15-year term saves $238,666 in interest — about 61% of what the 30-year term would cost. The saving grows as the loan balance and the rate increase.
What is the break-even point between a 15 and 30 year mortgage?
If you never invest the extra payment, the 15-year term is ahead from the very first month — you carry a smaller loan balance immediately, which is why the balance rows above diverge from month one. The 30-year term only wins if you invest the monthly difference and that investment out-earns the interest you saved. At a 5% annual return, investing the $644 difference overtakes the 15-year advantage within the first few months, so the honest answer is that the 30-year term can win on paper while leaving you with far more debt. Compare the balance after 5 and 10 years above rather than chasing a break-even month.
Can I pay off a 30-year mortgage in 15 years?
Yes, by paying extra principal each month. You will not receive the lower 15-year rate, and you will pay some extra interest for the life of the loan because you are paying down early. The result is usually close to the 15-year total, but not identical.
Do 15-year mortgages have lower rates?
Usually yes. Because lenders recover their costs over fewer payments on a shorter term, they pass part of that back as a lower rate. Historically the spread has been around 0.5 to 0.75 percentage points, which is why this calculator lets you enter both rates separately.
How to Use This Calculator
- Enter the purchase price of the home you are shopping for.
- Set your down payment as a percentage of the price. The loan amount is calculated automatically.
- Enter the rate a lender quoted you for a 15-year fixed mortgage.
- Enter the rate a lender quoted you for a 30-year fixed mortgage.
- Compare the monthly payment, total interest, and the balance remaining after 5 and 10 years.