15 vs 30 year mortgage calculator
Compare monthly payments and total interest on a 15-year and a 30-year fixed loan side by side.
- ๐บ๐ธ US federal & state rules
Interest saved with 15 years
$249,826
The 15-year payment is $634.69 more a month
- 15-year payment
- $2,657.31
- 30-year payment
- $2,022.62
- 15-year total interest
- $158,316
- 30-year total interest
- $408,142
This is an example. Enter your numbers above and press the button to see your own result.
Side by side
| Loan amount | $320,000 |
|---|---|
| Rate | 5.75% vs 6.5% |
| Monthly principal and interest | $2,657.31 vs $2,022.62 |
| Total interest | $158,316 vs $408,142 |
| Total paid | $478,316 vs $728,142 |
| 30-year balance still owed after 15 years | $232,189 |
- Principal and interest only. Property tax, insurance and PMI are the same for both and add to each payment.
- 15-year rates are usually lower than 30-year rates. Enter the rates from your own quotes.
- A 30-year loan with extra payments can reach a similar payoff date while keeping the lower required payment.
Show the math
| Loan | $400,000 โ $80,000 down = $320,000 |
|---|---|
| 15-year payment | $320,000 at 5.75% over 180 months = $2,657.31 |
| 30-year payment | $320,000 at 6.5% over 360 months = $2,022.62 |
What to do next
How it works
The loan is the price minus the down payment. Each term uses the standard fixed-rate payment formula with its own rate, 180 payments for 15 years and 360 for 30 years. Total interest is all payments minus the loan.
Things to keep in mind
Property tax, homeowners insurance and PMI are the same whichever term you choose, so they are left out of the comparison. Lenders also look at whether the larger 15-year payment fits your debt-to-income ratio.
Frequently asked questions
How much more is a 15-year mortgage payment?
On a $320,000 loan, 5.75% for 15 years is about $2,657 a month versus about $2,023 at 6.5% for 30 years, roughly $630 more.
How much interest does a 15-year loan save?
In the same example, about $408,000 in interest on the 30-year loan versus about $158,000 on the 15-year, a gap of roughly $250,000.
Why do people still pick 30 years?
The lower required payment leaves room in the budget and makes it easier to qualify. You can still pay extra on a 30-year loan when money allows.