15-Year vs 30-Year Mortgage Calculator
Line up the classic term trade-off — same loan amount, your 15- and 30-year rates, then compare payments, lifetime interest, and interest saved. Click any i for detail.
Loan comparison
Loan amount ($)
i
Loan amount
Same principal for both term scenarios. |
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|---|---|
15-year rate (%)
i
15-year rate
Note rate quoted for a 15-year fixed. |
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30-year rate (%)
i
30-year rate
Note rate quoted for a 30-year fixed. |
How to use this calculator
- Enter the loan amount.
- Enter the 15-year and 30-year rates you were quoted.
- Compare payment premium vs interest saved.
Results explained
Headline is interest saved by choosing the 15-year path. The range line shows both P&I amounts.
Quick reference: term trade-off
Cash flow vs interest.
| Item | Detail |
|---|---|
| 15-year term | 180 months |
| 30-year term | 360 months |
| Interest saved | Interest30 − Interest15 |
Investing the payment difference is a separate decision.
How the estimate is built
P&I and total interest from loan.pmt / totalInterestAmortizing for 180 vs 360 months.
Example scenario
$400k at 5.875% (15) vs 6.5% (30) — higher monthly payment on 15, much less total interest.
FAQ
Why are 15-year rates lower?
Lenders often price shorter duration cheaper; enter your actual quotes.
What about extra payments on a 30?
See the mortgage payoff with extra payments calculator.
Taxes and insurance?
Not included — P&I only.