15 vs. 30 Year Mortgage
Use this calculator to compare these two mortgage terms, and let us help you decide which term is better for you.
How the 15 vs. 30 year mortgage calculator works
It amortizes the same loan amount twice — once over 15 years and once over 30 — usually at the lower rate a 15-year loan earns. You see the higher monthly payment of the short term set against the very different total interest of each.
Worked example: with loan amount of $300,000, 15-year rate of 5.90% and 30-year rate of 6.60%, the 15 vs. 30 year mortgage shows interest saved with the 15-year of $236,981.
- 15-year payment
- $2,515.39
- 15-year total interest
- $152,770
- 30-year payment
- $1,915.98
- 30-year total interest
- $389,752
The formula
Each term uses Payment = P × r ÷ (1 − (1 + r)⁻ⁿ); the comparison is the difference in monthly payment versus the difference in total interest paid.
Results are estimates for educational purposes and are not financial advice. Confirm exact figures with your lender, plan administrator or advisor.
Questions about the 15 vs. 30 year mortgage
Why does a 15-year mortgage save so much interest?
You borrow the money for half as long and usually at a lower rate, so far less interest accrues — often more than $100,000 less on a typical loan.
Is the higher 15-year payment worth it?
If the larger payment still leaves you a healthy savings rate and emergency fund, the interest savings and faster freedom are compelling. If it strains your budget, a 30-year with extra payments is more flexible.
Can I get a 15-year rate without committing to it?
No — but you can take a 30-year loan and pay it on a 15-year schedule. You keep the lower required payment as a safety valve while capturing most of the savings.
Is the 15 vs. 30 Year Mortgage free to use?
Yes. Every calculator on FinCalculators is completely free, with no sign-up, login or paywall. You can run as many scenarios as you like.