Mortgage Term Comparison
15-Year vs. 30-Year Mortgage Calculator
Compare a 15-year and 30-year mortgage side by side using separate interest rates. See the difference in monthly payment, total interest, equity growth, and payoff, plus what happens if you choose a 30-year loan and voluntarily pay extra.
Last reviewed: September 1, 2026
15-Year vs. 30-Year Mortgage Comparison
Compare separate rates, required payments, total interest, equity, and payoff tradeoffs.
Loan & Rate Details
Your 15-Year vs. 30-Year Results
The 15-year mortgage requires $668 more per month based on your inputs and saves about $253,309 in total interest.
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You have an estimated mortgage result. Continue to pre-approval to explore mortgage options for your home-buying scenario.
Checking options does not change your calculator estimate. Loan availability, rates, and eligibility depend on lender and borrower qualifications.
| Comparison | 15-Year | 30-Year |
|---|---|---|
| Interest rate | 6.250% | 6.750% |
| Monthly P&I | $2,744 | $2,076 |
| Estimated all-in payment | $3,302 | $2,634 |
| Total interest | $173,876 | $427,185 |
| Total principal + interest | $493,876 | $747,185 |
| Equity after 5 years | $155,633 | $99,598 |
| Equity after 10 years | $258,928 | $127,037 |
| Scheduled payoff | 15 years | 30 years |
Monthly P&I and lifetime interest use very different scales, so use the chart for directional comparison and the exact values above for decisions.
Important Comparison Assumptions
The 15-year and 30-year loans use the same home price, down payment, taxes, insurance, and HOA assumptions but allow separate mortgage rates. Results are estimates for educational planning. PMI is modeled while each loan balance remains above 80% of the original home price; actual mortgage-insurance rules can differ. Closing costs, lender fees, points, and tax effects are not included.
Compare Mortgage Rates
Compare Current Mortgage Rates
Mortgage rates can differ between 15-year and 30-year terms. Review current offers from participating lenders after comparing the payment and long-term cost tradeoffs.
15-year vs. 30-year mortgage: what is the main difference?
The central tradeoff is the required monthly payment versus the amount of time you carry the mortgage. A 15-year mortgage repays principal over 180 scheduled monthly payments, while a 30-year mortgage spreads repayment across 360 payments.
The shorter term usually requires a substantially larger monthly principal-and-interest payment, but it builds equity faster and can reduce lifetime interest. The 30-year term generally provides a lower required payment and more monthly cash-flow flexibility, but principal is repaid more slowly.
Why the calculator uses separate 15-year and 30-year rates
A useful comparison should not assume both mortgage terms have the same interest rate. Lenders can price 15-year and 30-year loans differently, so the calculator gives each term its own rate input. Enter the actual quotes you are comparing whenever possible.
Compare the complete loan offers
Interest rate is only one part of a mortgage offer. When choosing between loans, also compare lender fees, discount points, mortgage insurance, cash required at closing, and the terms shown on the lender's Loan Estimate.
How to compare a 15-year and 30-year mortgage
Start with the same home price and down payment, then enter the interest rate available for each term. The calculator estimates principal and interest for each loan and can add the same property tax, homeowners insurance, and HOA assumptions to both scenarios. PMI is modeled separately as each balance declines.
Monthly payment
Shows how much more or less cash flow each mortgage requires every month.
Total interest
Shows the estimated interest paid over the scheduled life of each mortgage.
Equity growth
Shows how the faster principal reduction of the shorter term affects modeled equity.
Required-payment flexibility
A 30-year loan generally has a lower contractual payment even if you choose to make extra principal payments.
When a 15-year mortgage may make sense
A 15-year mortgage may fit borrowers who can comfortably absorb the higher required payment and place a high priority on faster payoff and lower lifetime interest. The shorter amortization also moves more of each early payment toward principal than a comparable longer-term loan.
The key word is comfortably. A lower lifetime interest estimate does not automatically make the 15-year loan the better household decision if the required payment leaves too little room for emergency savings, retirement contributions, other debts, or changing expenses.
When a 30-year mortgage may make sense
A 30-year mortgage may be more appropriate when keeping the required monthly payment lower is important. The additional flexibility can provide room for savings, investments, home repairs, childcare, debt repayment, or other priorities.
Choosing a 30-year term does not prevent you from paying principal faster. If the mortgage permits additional principal payments, you can voluntarily pay more during stronger cash-flow periods while retaining the lower scheduled payment when needed.
30-year mortgage with extra payments vs. a 15-year mortgage
This is one of the most useful comparisons to make. A borrower may choose a 30-year mortgage for its lower required payment and then make extra principal payments in an attempt to approach a shorter payoff schedule.
The strategies are not identical. The two loans may have different interest rates and fees, and voluntary extra payments can be reduced or stopped while the required 15-year payment cannot simply be lowered without changing the loan. Use the calculator's extra-payment comparison as a planning scenario rather than as a claim that one structure duplicates the other.
For a dedicated payoff analysis, use the Mortgage Extra Payments Calculator.
Example of the payment-versus-interest tradeoff
Suppose two borrowers finance the same loan amount but one selects a 15-year mortgage and the other selects a 30-year mortgage. The 15-year borrower must repay the same principal in half the scheduled time, so the required principal-and-interest payment is much higher. In exchange, the balance falls faster and there are fewer years in which interest can accrue.
The exact difference depends heavily on the rates offered for each term. That is why this page is designed around two independent rate inputs rather than a generic statement that one mortgage is always cheaper.
Frequently asked questions
Is a 15-year mortgage always better than a 30-year mortgage?
No. A 15-year mortgage can reduce lifetime interest and build equity faster, but its higher required payment may not fit every budget. The better term depends on the actual loan offers and your cash-flow priorities.
Do 15-year mortgages always have lower interest rates?
No. Rates vary by lender, borrower, property, loan program, and market conditions. The calculator therefore lets you enter a separate rate for each term.
Can I take a 30-year mortgage and pay it like a 15-year mortgage?
You can often make additional principal payments, subject to your loan terms. That can shorten payoff, but it does not make the loan identical to a 15-year mortgage because the rate, fees, and contractual payment can differ.
Which loan builds equity faster?
With the same starting loan amount, a 15-year amortization generally pays principal down faster because the required monthly payment is larger. Home-price changes also affect real-world equity and are not forecast by this calculator.
Should I compare all-in payment or principal and interest?
Use both. Principal and interest isolates the mortgage structure, while the all-in estimate is more useful for household budgeting because it can include taxes, insurance, HOA dues, and PMI.
Can I refinance from a 30-year mortgage to a 15-year mortgage later?
Potentially. Whether refinancing makes sense depends on the new rate, closing costs, remaining balance, expected time in the home, and whether the higher payment fits your budget.
Methodology and related calculators
MortgagePaymentCalculator.io is published by Family Brands LLC. Calculator results are estimates for educational and planning purposes and are not mortgage offers, approvals, or lender quotes.