15-Year vs 30-Year Mortgage Calculator
Compare a 15-year and 30-year mortgage side-by-side to see monthly payments, interest savings, and total loan costs.
Side-by-side comparison workspace
Modify inputs on either side to instantly compare computed values.
Scenario Comparison Highlights
Left: $2,787.54 • Right: $2,022.62
Left: $181,757.84 • Right: $408,142.36
Left: $501,757.84 • Right: $728,142.36
15-Year Mortgage Scenario
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Calculation Breakdown
30-Year Mortgage Scenario
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Results
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Calculation Breakdown
Formula Transparency
Monthly Mortgage Payment (PITI)
Computes the monthly payment by adding the amortized Principal & Interest (P&I) to monthly allocations of Property Tax, Home Insurance, and HOA dues.
Variable Definitions & Glossary
Home Purchase Price minus Down Payment amount.
Annual interest rate divided by 12 (number of months in a year).
Loan amortization term in years multiplied by 12.
Annual tax imposed by municipality, typically calculated as a percentage of home value.
Annual hazard/hazard premium premium paid to protect the asset.
Monthly fees assessed by the homeowners association, if applicable.
A 15-year mortgage features higher monthly payments but saves tens of thousands in lifetime interest and builds equity twice as fast as a 30-year loan.
Frequently Asked Questions
Is a 15-year mortgage better than a 30-year mortgage?
A 15-year mortgage is ideal if you have sufficient monthly cash flow to afford the higher monthly payment, as it dramatically reduces total interest paid. A 30-year mortgage provides greater budget flexibility with lower mandatory payments.
How much interest do you save on a 15-year mortgage?
On a $300,000 loan at 6.5% interest, a 15-year term saves over $200,000 in total interest compared to a 30-year term.