CalcQuick

15-Year vs 30-Year Mortgage Calculator

Compare a 15-year mortgage to a 30-year mortgage and see the trade-off between monthly payment and total interest.

Loan inputs

$
%
%

15-year fixed

Monthly payment

$2,531.57

Total interest$155,682.79
Total payment$455,682.79
Payoff dateJul 2041

Monthly payment breakdown

41%59%
  • Principal$1,031.57
  • Interest$1,500.00

30-year fixed

Monthly payment

$1,896.20

Total interest$382,636.71
Total payment$682,636.71
Payoff dateJul 2056

Monthly payment breakdown

14%86%
  • Principal$271.20
  • Interest$1,625.00

Comparison summary

Monthly savings with 30-year

$635.37

Interest savings with 15-year

$226,953.92

15-year is paid off sooner by

15 years

Results are estimates. 15-year rates are usually lower than 30-year rates.

How to use

  1. Enter your loan amount.
  2. Enter the interest rate for a 15-year loan.
  3. Enter the interest rate for a 30-year loan.
  4. Compare monthly payments, total interest, total payments and payoff dates.

Formula

Monthly payment M = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the loan amount, r is the monthly rate and n is the number of payments.

Total interest = Total payments over the term − Loan amount.

15-year loans usually have lower rates but higher monthly payments. 30-year loans have lower monthly payments but more total interest.

Example

For a $300,000 loan at 6.0% for 15 years versus 6.5% for 30 years:

15-year payment ≈ $2,531, total interest ≈ $155,580; 30-year payment ≈ $1,896, total interest ≈ $382,632. The 15-year loan saves about $227,000 in interest but costs $635 more per month.

Frequently asked questions

Which is better, 15-year or 30-year mortgage?
A 15-year loan saves interest and builds equity faster, but requires a higher monthly payment. A 30-year loan offers flexibility and lower payments, which can be safer if your income varies.
Are 15-year rates always lower?
Usually yes, because shorter-term loans are less risky for lenders. The exact difference changes with market conditions.
Can I pay off a 30-year loan in 15 years?
Yes. You can make extra principal payments on most 30-year loans without penalty, giving you flexibility while still aiming for early payoff.
Does a 15-year loan help me qualify for more house?
Usually no. Because the monthly payment is higher, a 15-year loan often reduces the amount you can borrow compared to a 30-year loan.
Is a 15-year mortgage worth it?
A 15-year loan has higher monthly payments but significantly less total interest. Compare both options with this calculator using your loan amount and rate.
How much interest do you save with a 15-year mortgage?
On a $300,000 loan at 6%, a 15-year term saves roughly $200,000+ in total interest vs a 30-year term, though monthly payments are much higher.

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