15 vs 30 Year Mortgage
Compare monthly payment and total interest. Set your loan amount and rate, then switch the term to see the difference.
| Component | Monthly |
|---|---|
| Principal & interest | — |
| Property tax | — |
| Home insurance | — |
15-year vs 30-year: the trade-off
A 30-year mortgage spreads payments over more time, so each monthly payment is lower and easier to fit in a budget. A 15-year mortgage has higher monthly payments but a lower interest rate and far less total interest — often less than half over the life of the loan. Switch the term dropdown above to see both for your numbers.
When a 30-year makes sense
The lower payment frees up cash flow for other goals, emergencies, or investing. Many borrowers choose a 30-year loan for flexibility, then make extra payments when they can to reduce interest without being locked into the higher required payment.
When a 15-year makes sense
If you can comfortably afford the higher payment, a 15-year loan builds equity faster, comes with a lower rate, and saves a large amount of interest. It suits borrowers focused on becoming debt-free sooner.