15 vs 30 Year Mortgage Calculator
A 15-year mortgage has a higher monthly payment but usually a lower rate and far less interest. Enter your home price, down payment and the two rates you were quoted to compare both loans side by side.
Principal and interest only. Taxes, insurance and PMI are extra.
Example comparisons
20% down unless noted, 15-year at 5.6% and 30-year at 6.3%. These rates are examples only; use the rates you are quoted.
| Home price | 15-yr payment | 30-yr payment | Interest saved |
|---|---|---|---|
| $300,000 | $1,974 | $1,486 | $179,516 |
| $400,000 | $2,632 | $1,981 | $239,354 |
| $250,000, 10% down, 5.8% vs 6.5% | $1,874 | $1,422 | $174,574 |
When a 15-year mortgage makes sense
- You can afford the higher payment and still keep an emergency fund.
- You want to be debt-free sooner, for example before retirement.
- You are not giving up a 401(k) employer match to pay it.
When a 30-year mortgage makes sense
- You want the lowest required payment and more room in your budget.
- You would invest the difference or need it for other goals.
- Your income is uneven. You can still pay extra on a 30-year loan when you can.
Want the full story with pros and cons? Read our guide: 15-Year vs 30-Year Mortgage: Which Is Better? For payments with tax and insurance, use the mortgage calculator.
How this calculator works
The loan amount is the home price minus your down payment. The monthly payment uses the standard loan formula with your rate and 180 or 360 months. Total interest is all payments minus the loan amount.
FAQ
Why is a 15-year rate lower?
Lenders take less risk over a shorter time, so 15-year loans usually have rates around half a percentage point or more below 30-year loans.
Can I pay off a 30-year loan in 15 years?
Yes, by paying extra each month, if your loan has no prepayment penalty. You keep the flexibility of the lower required payment, but you usually pay a higher rate than a true 15-year loan.
How much more is a 15-year payment?
Often 40% to 50% more per month than a 30-year payment on the same loan amount, depending on the rates.
Does this include taxes and insurance?
No. It compares principal and interest only, since property tax and insurance are the same for both loans.
Which one builds equity faster?
The 15-year loan, because more of each payment goes to principal from the start.
Rules and rates last checked: October 2026. This is an estimate for general information only, not financial, tax or legal advice. Check IRS.gov or a tax professional before you file.